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October 30, 2008 3:08 PM
EA cuts outlook, staff: So much for games being recession proof?
Posted by Brier Dudley
Electronic Arts, the Redwood City, Calif.-based game giant, is laying off 6 percent of its staff to shore up earnings, which are taking a hit from the downturn.
"Rock Band" and "Madden" sold well and EA held its sales forecast, but slashed its profit outlook. Instead of earning $1.30 to $1.70 per share, it's expecting $1 to $1.40.
From Bloomberg's report:
Retailers are seeing a decline in foot traffic, Chief Financial Officer Eric Brown said in an interview. Shelf space for video games is increasing at key stores, he said."We're performing at or better than the overall industry so we're taking share," Brown said. "We've adjusted as we think necessary."
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Gadgets and games | Fun stuff I've written about lately includes Apple's iPhone, Hewlett-Packard's HDX laptop and Microsoft's Halo3. Also on the radar are new digital video boxes such as the Tivo HD and the Vudu.