Electronic Arts shares down after missing quarterly expectations
Shares of video game giant Electronic Arts were down 3.27 percent in after-hours trading in the wake of the company's worse than expected first quarter.
On Tuesday, EA reported that it had lost $95 million, or 30 cents a share, during Q1 on net revenues of $804 million. During the same period a year ago, it lost $132 million, or $0.42 a share, on net revenues of $395 million.
The company's adjusted losses came out to 42 cents a share in Q1. Thomson Financial's poll of analysts had predicted the company would post adjusted losses of $0.33 a share, according to the Associated Press.
Still, EA's sales were up more than 100 percent over a year ago, thanks in large part to the success of such titles as Rock Band and the launch of Battlefield: Bad Company and Mass Effect.
And the company's fortunes should be boosted in the next quarter by the expected September 7 launch of the much-anticipated Spore, from its Emeryville, Calif.-based Maxis studio.
