Electronic Arts Inc. shares dipped Tuesday, after the videogame publisher missed sales expectations for the quarter, as executives reduced their revenue and bookings guidance for the year but increased their forecast for profit.
Analysts surveyed by FactSet had forecast earnings of $1.37 a share on revenue of $1.94 billion and net bookings of $1.81 billion. EA shares fell about 2% to 3% in after-hours trading immediately following the release of the results, following a 0.3% gain to $126.27 in the regular session. For the full year, executives increased their earnings target but reduced guidance for revenue and bookings, citing the strengthening dollar. Executives now expect annual earnings of $3.11 to $3.34 a share, up from $2.79 to $2.84 a share previously, crediting a decline in cost of revenue seen through the rest of the year due to a shift in revenue mixes; total revenue is now expected to be $7.55 billion to $7.
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