EA cuts losses though warns tough market
Tuesday, 9th February 2010 at 10:09 am
Shares fall after the publisher shows $82 million loss
Electronic Arts has warned of lower-than-anticipated earnings for the year ahead. Reporting its financials, the company told investors to expect revenue of between $3.65 billion and $3.9 billion for the year ending March 2011. Wall Street had targeted over $4 billion.
Its fiscal results for Q3 offered some positives, following a year of deep cost cuts. EA lost $82 million for the quarter ended December 31, versus a loss of $641 million for the same period in the previous year. However, revenues were down 25 percent to $1.2 billion due to weak prime-season sales.
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