Electronics Arts loss wider than forecast
[2008-7-31]
Tag : electronic call
LOS ANGELES — Electronic Arts Inc. said Tuesday its quarterly loss narrowed as its revenue doubled,but the video game maker's shares fell more than 3 per cent as theresults fell short of Wall Street expectations.
Chief executive officer John Riccitiello said on a conference callthat strong sales of its blockbuster Rock Band game were offset by weaker-than-expected catalogue sales in thequarter.
But Mr. Riccitiello said he expects several new games from the EAstable to drive sales growth in the 2009 fiscal year.Innovation and quality have stepped up from a year ago, Mr.Riccitiello said.He said new titles such as Spore , a long-awaited game that EA said will launch on Sept. 7, and Mirror's Edge earned high marks from critics at a recent industry conference.
EA is in the midst of a months-long, $2-billion (U.S.) hostiletakeover fight for smaller rival Take-Two Interactive SoftwareInc., publisher of the Grand Theft Auto games, which has rejected EA's offer as too low. Mr. Riccitiellodid not comment on Take-Two on the conference call.
EA said it expects full-year net revenue of between $5-billion and$5.3-billion, while analysts, on average, are expecting$5.14-billion, according to Reuters Estimates.
LOS ANGELES — Electronic Arts Inc. said Tuesday its quarterly loss narrowed as its revenue doubled,but the video game maker's shares fell more than 3 per cent as theresults fell short of Wall Street expectations.
Chief executive officer John Riccitiello said on a conference callthat strong sales of its blockbuster Rock Band game were offset by weaker-than-expected catalogue sales in thequarter.
But Mr. Riccitiello said he expects several new games from the EAstable to drive sales growth in the 2009 fiscal year.Innovation and quality have stepped up from a year ago, Mr.Riccitiello said.He said new titles such as Spore , a long-awaited game that EA said will launch on Sept. 7, and Mirror's Edge earned high marks from critics at a recent industry conference.
EA is in the midst of a months-long, $2-billion (U.S.) hostiletakeover fight for smaller rival Take-Two Interactive SoftwareInc., publisher of the Grand Theft Auto games, which has rejected EA's offer as too low. Mr. Riccitiellodid not comment on Take-Two on the conference call.
EA said it expects full-year net revenue of between $5-billion and$5.3-billion, while analysts, on average, are expecting$5.14-billion, according to Reuters Estimates.
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