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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Search Search: EA posts hefty loss, to cut 540 jobs AFP - Friday, October 31 NEW YORK (AFP) - - US videogames giant Electronic Arts reported a hefty quarterly loss on Thursday and said it was cutting six percent of its workforce, or 540 employees. EA, publisher of such popular titles as Madden NFL 09, Spore and Warhammer Online, reported a net loss of 310 million dollars during the second quarter of its fiscal year compared with a loss of 195 million dollars a year ago. It said revenue rose to 894 million dollars from 640 million dollars a year ago on strong sales of Madden NFL, Spore, Mercenaries 2: World in Flames, NCAA Football 09, Tiger Woods PGA TOUR 09 and Warhammer Online: Age of Reckoning. The Redwood City, California-based company said revenue at EA Mobile, which publishes games for phones, rose 24 percent to 47 million dollars during the quarter. EA said the six percent reduction in its 9,000-strong workforce would result in annual pre-tax cost savings of approximately 50 million dollars. "Considering the slowdown at retail we've seen in October, we are cautious in the short term," EA chief executive John Riccitiello said in a statement. "Longer term, we are very bullish on the game sector overall and on EA in particular. "The industry is growing double-digits on the strength of three new game consoles and increases in the number of homes with broadband Internet connections. EA is well-positioned to benefit from these technology drivers." EA said it expected revenue for the year of between 4.9 billion dollars and 5.15 billion dollars, up 33 percent to 41 percent from the previous year. EA said Madden NFL 09 was its top-selling title during the quarter, selling 4.5 million copies while SPORE sold two million copies in just three weeks. It said 1.2 million copies of Warhammer Online: Age of Reckoning were sold in the quarter and 800,000 people were currently playing online. EA's share price was down 17.81 percent at 22.79 dollars in after-hours trading in New York following the results announcement. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Technology MySpace poll shows Internet generation favors Barack ObamaAFP - Friday, October 31 EA posts hefty loss, to cut 540 jobsAFP - Friday, October 31 Google's version of Wikipedia goes multi-lingualAFP - Friday, October 31 Netflix-TiVo alliance to stream online movies to televisionsAFP - Friday, October 31 AOL.com rolls out homepage redesignAFP - Friday, October 31 Most Popular – Technology Viewed When men see red, they see hot: study Asian stocks soar on US Fed rate cut McCain in defiance as Obama boosted by economic data World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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