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Alead of the Bell: Electronic Arts posts 2Q loss
NEW YORK (AP) - Shares of Electronic Arts dipped in premarket trading Wednesday after its outlook fell short of most Wall Street expectations.
The video game publisher posted a loss for its second quarter of $381 million, or $1.21 per share, for the July-September period. That compares with a loss of $340 million, or $1.03 per share, a year earlier.
Revenue was $711 million, down slightly from last year's $715 million.
Adjusted earnings were 15 cents per share and adjusted revenue was $1.08 billion in the latest quarter. These figures exclude special items, stock compensation expenses, and account for deferred costs and revenue from games with online components.
Analysts, on average, were expecting adjusted earnings of 11 cents per share and adjusted revenue of $1.08 billion, according to a poll by FactSet.
"We believe EA remains in a state of transition, as it builds out digital infrastructure and online revenues, while managing a declining console business," wrote Baird analyst Colin Sebastian on a note to investors.
For the current quarter, Electronic Arts Inc. expects adjusted earnings of 50 cents to 60 cents per share and revenue of $900 million to $1 billion.
Analysts are expecting higher earnings of 62 cents per share and revenue of $1.34 billion.
Shares fell 2 percent, or 27 cents, to $11.46 before the opening bell.
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