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Ugly Day For Electronic Arts (ERTS)
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Posted on 02/09/10 at 3:12pm by Bud Fox
Electronic Arts (NASDAQ: ERTS) has lost nearly 10% of its market cap today after releasing earnings numbers last night. The stock is currently trading at $15.84. Electronic Arts (ERTS) reported earnings per share of $0.33 versus estimates of $0.31. Revenue was in line with Wall Street expectations. On the surface, this report does not seem to merit the sell off in EA.
The problem, however, is that on January 11, the Redwood City, California based video game maker lowered their earnings guidance. Investors were hoping that the company would offer some upside to their lowered guidance, and they did not deliver this.
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