Electronic Arts Q1 Profit Down; Backs FY13 Adj. EPS View - Quick Facts

RELATED NEWS

Trade ERTS now with

7/31/2012 4:24 PM ET

Electronic Arts Inc. (EA: Quote) announced preliminary financial results for its first fiscal quarter ended June 30, 2012. Net income for the quarter was $201 million or $0.63 per share, down from $221 million or $0.66 per share in the same quarter last year.

Non-GAAP net loss for the quarter widened to $130 million or $0.41 per share, from $123 million or $0.37 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Total net Revenues for the quarter declined to $955 million from $999 million in the prior year quarter. Non-GAAP net revenues for the quarter declined to $491 million from $524 million in last year. Twenty two analysts had consensus revenue estimate of $500.08 million for the quarter.

EA has announced that its Board of Directors has authorized a program to repurchase up to $500 million of EA's common stock.

For the second-quarter, the company GAAP loss per share to be in the range of about $1.43 to $1.36. Non-GAAP earnings per share is expected to be approximately $0.07 to $0.12.GAAP net revenue is expected to be approximately $650 to $700 million. Non-GAAP net revenue is expected to be approximately $1.05 billion to $1.10 billion. Analysts expect the company to report earnings of $0.14 per share on revenues of $1.07 billion for the second-quarter.

For fiscal 2013, the company now expects GAAP results to be in the range of loss $0.17 per share to profit $0.05 per share. Non-GAAP earnings per share is still expected to be approximately $1.05 to $1.20. GAAP net revenue is now expected to be approximately $3.90 billion to $4.05 billion. Non-GAAP net revenue is now expected to be approximately $4.10 billion to $4.25 billion.

Analysts expect the company to report earnings of $1.06 per share on revenues of $4.27 billion for fiscal 2013.

Previously, the company had expected net revenue of about $4.075 billion, adjusted net revenue of about $4.300 billion, net loss of $0.36 to $0.16 per share for the fiscal year 2013.

To receive FREE breaking news email alerts for Electronic Arts Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 113 Articles

Editors Pick

Stocks May Show A Lack Of Direction In Early Trading - U.S. Commentary

After turning in a lackluster performance throughout the previous session, stocks may continue to experience choppy trading on Tuesday. The major index futures are currently pointing to a roughly flat open for the markets.

U.K. Inflation Eases To 7-Month Low

U.K. consumer price inflation slowed more-than-expected to a seven-month low in April on falling petrol and air fares, official data revealed Tuesday. The slowdown provides relief for consumers as it raises purchasing power, while it gives more scope for the central bank to ease monetary policy.

Obama To Deliver Speech On Counterterrorism Policies, Use Of Drones

President Barack Obama reportedly plans to deliver a much-anticipated speech on Thursday outlining his administration's evolving counterterrorism policies. Multiple news sources cited a White House official as saying that Obama will address the use of drones and plans to close the detention facility at Guantanamo Bay in a speech at the National Defense University.