Zynga Inc. soared the most since its initial public offering after saying it will cut 15 percent of its staff and buy a popular mobile developer for $527 million.

The stock jumped 17 percent to $4.18 at 10:01 a.m. in New York, after rising as much as 26 percent, the biggest intraday gain since the company’s IPO in December 2011 at $10 a share.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.