While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Beijing will lower borrowing costs for companies, but that may not boost the economy as much as some hope.China Economyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Stocks in Asia mostly traded higher Tuesday morning as minutes from the Reserve Bank of Australia's July meeting were released. The People's Bank of China also published its...Asia Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
Apple has spent more than $6 billion on original TV shows and movies for its forthcoming Apple TV+ service, according to a Financial Times report on Monday.Technologyread more
Video game publisher Electronic Arts reported better-than-expected quarterly revenue on Tuesday, riding on the continued success of its battle royale game "Apex Legends", sending its shares up as much as 5% in extended trading.
The company's live services led by Apex Legends, The Sims 4, and FIFA Ultimate Team spurred growth with net bookings jumping 12% to $504 million from a year ago.
Apex Legends is the fastest growing game in EA's history.
"We have 8 million to 10 million people on a weekly basis playing the game," said Chief Executive Officer Andrew Wilson on a conference call with analysts.
The formidable tournament title propped up the game publisher's revenue.
"We did not have any brand new games in the quarter so most of the quarter is either our live services business as well as our catalogue titles," Chief Operating Officer and CFO Blake Jorgensen told Reuters.
"Battlefield" and "FIFA" are also important game franchises, but the rise of mobile-based, free-to-play games with engaging formats are challenging the dominance of EA, Activision Blizzard and Take-Two Interactive Software Inc.
Battle royale games, which players fight to death until the last survivor, became wildly popular in 2018 thanks to "PUBG" and Epic Games' "Fortnite".
"Our plan to bring Apex Legends to China and a worldwide mobile launch are also on course," said Wilson.
Season two of Apex Legends was launched on July 2. EA still forecasts net bookings from Apex Legends in the range of $300 million to $400 million in fiscal year 2020.
In addition, EA had stronger than expected FIFA and mobile game sales in the quarter.
On an adjusted basis, EA's revenue was $743 million in the first quarter, beating the average analyst estimate of $719.2 million.
EA, however, expects second-quarter adjusted revenue of $1.23 billion, slightly below analysts' estimates of $1.24 billion, according to Refinitiv data.
The company maintained its full-year adjusted revenue forecast of $5.10 billion, below estimates of $5.18 billion.
Net income rose to $1.42 billion, or $4.75 per share, in the quarter ended June 30, from $293 million, or 95 cents per share, a year earlier.
Net income was boosted by $1.08 billion of income tax benefits.
Shares of the company rose 5% to $92.57.