CORRECT: Electronic Arts Shares Surge After Profit, Sales Beat Expectations

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Electronic Arts Inc.'s stock surged 4.8% in after-hours trade Tuesday, after the digital game maker reported fiscal fourth-quarter profit and sales that beat expectations, and provided an upbeat outlook for the current fiscal year. For the quarter ended March 31, net earnings came in at $395 million, or $1.19 a share, compared with $367 million, or $1.15 a share, in the same period a year ago. Total revenue rose to $1.185 billion from $1.123 billion. Excluding non-recurring times, adjusted EPS came in at 39 cents and adjusted revenue was $896 million, beating the FactSet consensus of 26 cents and $853 million, respectively. For fiscal 2016, the company expects adjusted EPS of approximately $2.75 and adjusted revenue of $4.4 billion, compared with the FactSet consensus of $2.63 and $4.49, respectively. The company said it was implementing a new $1 billion stock repurchase program, effective through May 2017. The stock has soared 26% year to date, while the S&P 500 has gained 1.5%.

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