Shares Of EA Tank After Revenue Misses Wall Street's Estimate
Shares of Electronic Arts Inc. skidded in Thursday's extended trade after the video game publisher posted better-than-expected earnings but missed on revenue. EA reported it swung to a fiscal third-quarter loss of $45 million, or 14 cents a share, from a profit of $142 million, or 44 cents a share, in the same period last year. On an adjusted basis, the company would have earned $1.83 a share. Revenue fell to $1.07 billion from $1.13 billion. Analysts surveyed by FactSet had forecast earnings of $1.81 a share on revenue of $1.81 billion. EA also raised its 2016 adjusted earnings-per-share outlook to $3.04 a share from $3 a share as well as its adjusted net revenue forecast to $4.52 billion versus $4.5 billion. Shares of EA sank 11% in the after-hours session.
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