Electronic Arts third-quarter forecast disappoints as "Medal" lags

SAN FRANCISCO Tue Oct 30, 2012 6:16pm EDT

Electronic Arts' Chief Executive Officer (CEO) John Riccitiello introduces their new lineup during the EA press conference as part E3 in Los Angeles, California June 4, 2012. REUTERS/Gus Ruelas

Electronic Arts' Chief Executive Officer (CEO) John Riccitiello introduces their new lineup during the EA press conference as part E3 in Los Angeles, California June 4, 2012.

Credit: Reuters/Gus Ruelas

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SAN FRANCISCO (Reuters) - Video game publisher Electronic Arts Inc forecast third-quarter earnings below Wall Street targets on Tuesday after its "Medal of Honor: Warfighter" title fell short of expectations for a crowded holiday season.

The company reported fiscal second-quarter earnings - excluding certain items - of 15 cents per share, beating the Street view of 11 cents per share as cost cuts took effect.

But it forecast third-quarter earnings in the range of 50 cents to 60 cents, lower than the Street's view of 71 cents, according to Thomson-Reuters I/B/E/S.

"Our Q3 looks soft mostly due to 'Medal of Honor,'" CEO John Riccitiello said on a call with analysts.

For the three months ended September 30, the company posted revenue of $711 million, compared with $715 million a year ago. It reported a net loss of $381 million, or $1.21 cents per share, compared with $340 million, or $1.03 per share a year ago.

Adjusted revenue rose about 5 percent, to $1.08 billion, from a year ago. That was in line with analyst estimates, according to Thomson-Reuters I/B/E/S.

(Reporting By Malathi Nayak; Editing by Ciro Scotti)

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