The video game giant warned that it expects revenue and earnings for the current quarter to be at the low end or slightly below previously-issued guidance. Those results are due out on May 7.
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Riccitiello's tenure coincides with the collapse of the traditional video game industry. EA has struggled as consumers shifted away from packaged games to mobile and social games. The company has invested significantly in building its presence in mobile in particular, generating $1.5 billion in digital net revenue annually. But the company is still losing money.
In his farewell letter, Riccitiello stressed the company's advantage in mobile."I believe EA is alone in mastering the challenges of building a platform for our games and services—a platform that will provide amore direct relationship with our consumers," he wrote. "You are number one in the fastest growing segment, mobile."
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Incoming Executive Chairman Larry Probst echoed Riccitiello's emphasis on mobile in another letter. "We are the clear leader in the fastest growing category in games—mobile—and we are positioned to lead on the next generation of consoles," he wrote.
Now the big question is who EA will appoint to take on the CEO role. With ever-growing competition in the mobile space and lower barriers to entry, EA may have established brands and a deep bench of talent, but the challenges are bigger than ever.
—By CNBC's Julia Boorstin; Follow her on Twitter: @JBoorstin