EA tops expectations, looks ahead

Video game giant posts fourth-quarter revenues that beat analyst expectations, looks ahead to fiscal 2009, when it expects to release 15 new games.

Video game giant Electronic Arts on Tuesday posted fourth-quarter revenues that beat Wall Street expectations and looked ahead to fiscal 2009, when it expects to release 15 new games.

Net revenue for the quarter was $1.127 billion, up 84 percent as compared with $613 million for the prior year, the company said. Net loss for the quarter was $94 million, widening from a net loss of $25 million for the prior year.

"On balance, we're very pleased with our revenue growth, but not yet happy with our profit margins," EA CEO John Riccitiello said in a statement. "In fiscal 2009, we expect to deliver another $1 billion in revenue growth and to double our operating profit on the strength of our slate of titles."

Electronic Arts, which is based in Redwood City, Calif., is attempting to buy Take-Two Interactive Software, maker of the blockbuster Grand Theft Auto series, for $2 billion.

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