Electronic Arts cuts loss, shares rise
Filed under: Company News, Technology, Economy, Earnings, Media
The largest video game company, Electronic Arts (ERTS), reported quarterly earnings after the bell today. Reduced losses juiced investors who sent shares up roughly a five percent over the course of the day and into the aftermarket (shares were still moving around after the bell, but retreated slightly on the announcement).
The company reported a first-quarter loss of two cents a share ($6 million) based on revenue of $816 million. In the same quarter last year, EA barfed up a stomach-churning loss of 42 cents a share ($135 million) on much diminished revenue of $609 million. Today’s numbers were a significant beat on Wall Street analysts consensus. A Thomson Reuters analyst survey had forecast EA losing 13 cents per share on $729.5 million in revenues.
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Electronic Arts cuts loss, shares rise originally appeared on DailyFinance on Tue, 04 Aug 2009 17:50:00 EST. Please see our terms for use of feeds.
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