Wed, Dec 10, 2008 | 22:01 GMT
EA stock plunges 17% on profit warning, down 70% this year
EA’s shares plummeted 17 percent today in the wake of a Q4 profit warning, leaving the company 70 percent down for the year.
The company is yet to present its forecast for 2009, and has said it will not do so until its full-year in February.
Investors are bracing “for a significant miss of the adjusted earnings guidance of $1 to $1.40 per share it gave earlier this fall,” according to EA.
Wedbush Morgan analyst Michael Pachter said this afternoon he no longer has confidence that the publisher can reach its revenue target of $6 billion in fiscal 2011.
More in this AP piece.
By Mike Bowden
Related posts
Nintendo lifts full-year profit estimate by 23%
THQ full year sales dead flat, profit turns to loss
Wii Fat girl appears on BBC, “mortified” mother calls for warning
2 
Posted in: EA, Financials, Hot, Trade
Tags: michael pachter, wedbush morgan
2 comments
#1
airdom
10/12/08, 10:07 pm
Time to buy before it goes back up!
#2
morriss
10/12/08, 10:24 pm
This is terrible news, imo. If the lack of confidence spreads further throughout the industry then a lot more people could be going out of business. EA can most likely ride this out due to its size, but if this share report bandwagon’s, we could have a bit of a meltdown on our hands.