Electronic Arts Inc. (ERTS) reported a GAAP net loss of $391 million or $1.21 per share for the second quarter, compared to a net loss of $310 million or $0.97 per share in the prior year quarter.
Non-GAAP net income was $19 million or $0.06 per share, compared to a net loss of $20 million or $0.06 per share a year ago.
GAAP net revenue for the quarter declined to $788 million from $894 million, while non-GAAP net revenue grew 2% to $1.147 billion from $1.126 billion in the previous year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share on revenue of $1.13 billion for the quarter. Analysts' estimates typically exclude special items.
For fiscal year 2010, the company now expects GAAP loss of $1.20 to $2.05 per share, and non-GAAP earnings of $0.70 to $1.00 per share. GAAP net revenue is expected to be between $3.6 billion and $3.9 billion, and non-GAAP net revenue is expected to be about $4.2 billion to $4.4 billion. Analysts project earnings of $0.89 per share on revenue of $4.26 billion for the year.
Earlier, the company estimated GAAP loss to be $0.85 to $1.35 per share, and non-GAAP earnings of about $1.00 per share. GAAP net revenue was estimated to be in the range of $3.7 billion to $3.85 billion, and non-GAAP net revenue of about $4.3 billion for fiscal year 2010.
Further, the company plans to close several facilities, reduce about 1,500 positions, of which 1,300 are included in a restructuring plan. The majority of these actions will be completed by March 31, 2010.
This plan will result in annual cost savings of at least $100 million and restructuring charges of $130 to $150 million, the company said.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.