Strong initial sales of the latest entries I the Medal of Honor and Need for Speed franchises didn't help Electronic Arts' third quarter results, as the company posted widening losses.
The company posted a net loss of $322 million, worse than the same period in 2009, when the company lost $82 million.
EA's digital division did better than the company as a whole, with sales of titles such as Angry Birds fueling revenue increases in the company's digital division. EA posted a 39 percent increase in revenue on digital titles offered on smartphones and consoles. Sales of packaged titles took a dive, however, dropping from $265 million to $91 million.
Amid this decline, Chief Operating Officer John Schappert said even though sales of retail software decreased, sales from HD consoles like the Xbox 360 and PS3 were on the rise. Our portfolio strongly favors these growth platforms, he said.
EA expects revenue to increase in the fourth quarter from $975 million to $1 billion, driven by sales of titles such as Dead Space 2, Dragon Age II and Bulletstorm 2.
Since its release last week, Dead Space 2 has sold 2 million copies, EA said.
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