EA losses deepen to $322m

EA losses deepen to $322m

By Ben Parfitt

February 2nd 2011 at 10:11AM

But share buyback plan helps stock market value rise

Publisher EA has reported a net loss of $322m for its Q3 ending December 31st 2010 – a year-on-year increase of nearly 300 per cent.

Revenues for the period were down 15 per cent at $1.05bn.

Yet demonstrating its continued belief in John Riccitiello's rescue plan, the publisher last night announced a $600m share buyback plan to be implemented over the next 18 months. On the back of the news, the company's share price rose nine per cent.

More details on financial reports, including this one, can be found over at MCV