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Electronic Arts Swings to a $58M Loss
>> From forbes.com:
[QUOTE]
For the three months ended June 30, Electronic Arts lost $58 million down from a profit of $24 million a year ago. Excluding charges such as amortization, employee stock-based compensation and restructuring, the Redwood City, Calif.-based company lost $55 million compared to net income of $25 million for the year-ago quarter.
Revenue fell to $365 million, down from $432 million in the prior year.
For the year, the company expects to earn $1.45 to $1.60 a share, below Wall Street's forecast of $1.63. Electronic Arts also lowered its revenue expectations for the year to between $3.3 billion and $3.4 billion. Analysts had expected the company to see sales of about $3.41 billion.
Much of why the company lowered expectations was blamed on the delay of the company's "Godfather" game, which is expected to be a top seller, analysts say. Two weeks ago, Electronic Arts said it would begin shipping "The Godfather" in the fourth quarter instead of the third.
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Read the whole article on forbes.com.
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