Electronic Arts stock took a major hit yesterday when quarterly earnings reports were released by the company. Revenues for the quarter were off 16% from last year's figures, leading EA to a net loss of $58 million. The news, while not unexpected, prompted a major sell off of company stock, which brought its shares down some $4 during Tuesday's trading, bringing its share price down to around $58. After opening today, however, the stock climbed back to around $60.
Even while facing an overall down year, EA has tried to stay positive and keep its shareholder's faith. It touted the sale of more than one million copies of Battlefield 2 during its first two weeks after launch, as well as more than one million copies of Medal of Honor: European Assault purchased. However, these were the only two EA branded games to reach that mark. EA also pointed to the new 12-year deal inked with John Madden to keep the football guru's name and likeness on its long-running NFL series for what figures to be essentially a lifetime contract.
View: EA's stock performance
News source: GameSpot