EA Hammered by $1 Billion Loss over Last Fiscal Year
Publisher Electronic Arts today reported that its net loss over the fiscal year ending March 31, 2009 totaled to $1.08 billion--an increase of over $500 million in losses over the previous year.
The company reported total revenue of $4.2 billion over the year, up 15 percent from the previous year's figure of $3.6 billion.
Meanwhile, the publisher's fourth quarter results rang in to the tune of $42 million in net loss. According to EA, sales in that quarter were largely driven by Skate 2, Rock Band 2, The Lord of the Rings: Conquest, Left 4 Dead and Need for Speed Undercover.
Following third quarter losses of over $600 million, EA quickly moved to cut back its operation, presenting plans in February to close 12 facilities and cut 11% of its workforce.
"EA's strong cost actions in Q4 FY09 together with our investments in our digital service businesses will set us up for a stronger FY10," said EA CEO John Riccitiello. "EA is well positioned with the right strategies in a growing industry."
