Tech Industry

Electronic Arts sets rare stock split

Video game maker Electronic Arts delivered some good news to its shareholders after the bell Monday, announcing a 2-for-1 stock split, its first since February 1993.

Ahead of the news, Electronic Arts (Nasdaq: ERTS) closed up 3 5/8 to 89 9/16.

Company officials said the split will take effect Sept. 8 for all shareholders of record on Aug. 25.

In its latest quarter, Electronic Arts topped analysts' estimates when it posted a loss of $38.7 million, or 60 cents a share, on sales of $154.8 million.

First Call consensus expects EA to lose 55 cents a share in its second quarter but post a profit of 91 cents a share in the fiscal year.

Electronic Arts shares moved up to a 52-week high of 124 7/16 in December before slipping to a low of 49 in April.

Thirteen of the 14 analysts following the stock rate it either a "buy" or "strong buy."