Electronic Arts: Fiscal 3Q Earnings Snapshot
Electronic Arts: Fiscal 3Q Earnings Snapshot
REDWOOD CITY, Calif. (AP) _ Electronic Arts Inc. (EA) on Tuesday reported fiscal third-quarter net income of $262 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Redwood City, California-based company said it had net income of 86 cents. Earnings, adjusted for non-recurring costs and stock option expense, were $2.08 per share.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.93 per share.
The video game maker posted revenue of $1.29 billion in the period. Its adjusted revenue was $1.61 billion, falling short of Street forecasts. Ten analysts surveyed by Zacks expected $1.75 billion.
Electronic Arts expects full-year earnings to be $3.20 per share.
Electronic Arts shares have risen 17 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 9 percent. In the final minutes of trading on Tuesday, shares hit $92.62, a decline of 24 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EA at https://www.zacks.com/ap/EA