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EA revenue beats forecasts, shares jump

Tuesday, 23 Jul 2013 | 5:25 PM ET
An attendee tries out a Electronic Arts Inc. video game during the annual Studio Showcase media event at the company's headquarters in Redwood City, California.
Tony Avelar | Bloomberg | Getty Images
An attendee tries out a Electronic Arts Inc. video game during the annual Studio Showcase media event at the company's headquarters in Redwood City, California.

Video game publisher Electronic Arts reported revenue that beat market expectations on Tuesday, citing growth in its digital business even as packaged games sales fell.

After the earnings announcement, the company's shares climbed more than 6 percent in after-hours trading. (Click here for the latest quote.)

The company reported a net loss of $121 million, or 40 cents per share, compared with $130 million, or 41 cents a share in the year-earlier period.

Adjusted revenue rose about 1 percent to $495 million from $491 million a year ago.

Analysts had expected Electronic Arts to report a loss of 60 cents a share on $454 million in revenue, according to a consensus estimate from Thomson Reuters.

For the second quarter, the company is now projecting earnings of 12 cents a share, below the estimates of 15 cents, and for the full year 2014 earnings of $1.20 a share, in line with a consensus estimate from Thomson Reuters.

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