By Malathi Nayak
SAN FRANCISCO Jan 30 Video game publisher
Electronic Arts Inc reported lower revenue for the third
quarter as the video game industry continued to struggle with
flagging sales and experienced a weak holiday quarter.
Electronic Arts revenue fell as the console game business
has "been extremely soft" as the industry waits for
next-generation versions of Sony Corp's PlayStation and
Microsoft Corp's 's Xbox to boost software sales, Chief
Financial Officer Blake Jorgensen said.
"Also just a soft economy in Europe and America, that in
combination with a weak title in 'Medal of Honor' dragged down
our revenue for the quarter below what we thought it would be,"
For the three months ended Dec. 31, the company posted net
revenue of $922 million, compared with $1.06 billion a year ago.
It reported a net loss of $45 million, or 15 cents per share,
compared with $205 million, or 62 cents per share a year ago.
Adjusted revenue fell 28.5 percent to $1.18 billion from a
year ago, short of analyst estimates of $1.29 billion, according
to Thomson-Reuters I/B/E/S. Adjusted earnings per share of 57
cents was slightly above Wall Street's expectation of 56 cents
Shares of Electronic Arts were down 1.8 percent at $14.80 in
after-hours trading, after closing at $15.08 on Wednesday.