Video game developer and publisher Electronic Arts (NASDAQ: ERTS) said on Tuesday that its fourth quarter earnings were down, missing analysts estimates with few game titles to spur profits.
The largest video game makerâ€™s net loss widened to $25 million, or 8 cents per share, from $16 million, or 5 cents per share a year ago. Excluding items, the company earned 6 cents a share, down from 14 cents a share last year.
Net revenue for its fourth quarter was $613 million, down 4.4 percent from $641 million in the prior year.
Analysts polled by Thomson Financial had expected earnings of 2 cents per share on revenue of $585 million.
EA currently has nothing in the market that is all that interesting, Todd Michell of Kaufman Bro's told clients. The Sims franchise is reportedly selling well overseas...but there was no single outstanding title released this quarter to move the needle.
Warren Jenson, EA's chief financial officer predicts a stronger game lineup moving forward, however. We expect to launch more than fifteen games based on wholly owned properties, he said in a statement.
The Redwood City, Calif.-based game maker expects a fiscal first-quarter net loss of 56 cents to 66 cents per share, or 34 cents to 40 cents per share excluding items, on revenue of $330 million to $360 million.
Shares of the firm were down $1.44, or 2.81 percent, to $51.45 in extended trading.