Electronic Arts Reports Earnings; Falling In After Hours (ERTS)
Electronic Arts (NASDAQ: ERTS) has just released its fiscal Q3 results for the period ending December 31, 2009. GAAP net-revenue came in at $1.243 billion compared to 1.654 billion in the year ago period. Non-GAAP revenue was $1.346 billion. Revenues were in line with analysts' estimates.
On a GAAP basis, ERTS reported a loss of $82 million, or $0.25 per share. Non-GAAP earnings per share were $0.33 versus $0.56 in last year's corresponding quarter. Analysts had been anticipating EPS of 31 cents per share, so the company beat estimates by $0.02.
Last month, Electronic Arts (ERTS) significantly lowered their full year 2010 EPS estimates. Unfortunately, this report did not deliver any upside to the disappointing guidance restatement which occurred on January 11. As a result, the stock is selling off in the after hours trading session. ERTS shares have lost 7.26% after the company released earnings and are currently trading at $16.33.
