EA Beats Expectations With Big Swing To Profitability In Q1
by Chris Remo
Outperforming Wall Street’s expectations, major publisher Electronic Arts posted profits of $96 million in its first fiscal quarter of this year, a massive leap from last year’s $234 million loss for the same quarter.
That profit boost for the three months that ended June 30 was paired with a 27 percent year-over-year increase in net revenue from $644 million to $815 million, which prompted CFO Eric Brown to say in a statement that “EA is well-positioned for the year ahead and reaffirms its FY11 non-GAAP guidance.”
EA is claiming to be the number one publisher on numerous platforms by market share for the calendar year so far. The company says its 22 percent high-definition console share, up 4 points year-over-year, is the highest in the business, as is its 33 percent PC game share, driven by retail and strong growth in digital sales.
Read the whole story here.