EA losses widen to $322m
Announces $600m stock repurchase; Dead Space 2 outsells original 2:1, Medal of Honor and Hot Pursuit sell over 5m units
Electronic Arts has reported a loss for the third quarter ended December 31 of $322 million (£199.4m), compared to a loss of $82 million for the same period in 2009.
Total sales for the period were $1.053 billion (£652.1m), also down on the $1.243 billion in the previous third quarter.
Digital sales accounted for $211 million (£130.6m) compared to $152m in '09, packaged goods up from $929 million to $1.108 billion (£686.2m), but distribution was down to $91 million (£56.3m) from $265 million.
The publisher's board has also announced the authorisation of a stock repurchase program of up to $600 million of Electronic Arts stock over the next eighteen months - a move that CEO John Riccitiello said "demonstrates our confidence in EA's digital strategy."
Highlights for the quarter were sales of the recently launched Dead Space 2 which were double those of the original, and Medal of Honor and Need for Speed: Hot Pursuit, both of which have passed 5 million sales during the period.
EA also said it was the number one publisher on Xbox 360 and PlayStation 3, the App Store and Microsoft Windows Phone 7. FIFA 11, Madden NFL 11 and Battlefield: Bad Company 2 have also now sold over five million units since launch.