EA cuts forecast on slow Q4 sales

Tuesday, 9 December 2008 22:20 GMT By Patrick Garratt


EA’s dropped its fourth quarter estimates, warning that its holiday roster has failed to meet expectation.

The firm’s stock closed 11 percent down on the day, souring to $19.35.

EA said it expected net revenue to come in between $4.9 billion and $5.15 billion for the year, with earnings of $1 to $1.40 a share.

EA did not give a specific revenue or earnings target in its newest statement. The company said it will not give further information before its next earnings report, due in February.

“While we saw significant improvement in the overall quality of our key products this year, we are disappointed that our holiday slate is not meeting our sales expectations,” said CEO John Riccitiello.

More on Marketwatch.