Electronic Arts Inc. (EA) 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.
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