Both sales and losses increase for quarter ending September 30th; 500-600 positions to go
Global publishing powerhouse EA has announced that it is to cut six per cent of its global workforce, equivalent to between 500 and 600 positions, following increased losses in the financial quarter ending September 30th.
The AP reports that the cuts will span all aspects of the company and will be spread across the firm’s global workforce. EA hopes to save around $50 million per year as a result.
Despite a significant sales hike of 40 per cent, with the total reaching $894 million, losses totalled $310 million – far more than the $195 million loss in the same quarter last year. Sales revenue exceeded expectations, however, reaching $1.13 billion.
“Considering the slowdown at retail we've seen in October, we are cautious in the short term," chief executive John Riccitiello stated. “Longer term, we are very bullish on the game sector overall and on EA in particular.”
CFO Eric Brown added: “We have heard that retailer foot traffic is down in general, which is a negative. But we also know that retailers are increasing their shelf space for video games ahead of the holidays.”
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Shares in the company have so far fallen 14.5 per cent following the news.
Comments
hmmm
I cant remember when EA last made any money. I was at EA this time last year when they made the same announcements but it was less people - 27 were given the boot at EA UK.
Online stuff is brave but maybe EA should stop buying up developers and focus on bringing their own house in order
Re: hmmm
its obvious they were going to make alot less money than they were expecting. its just an excuse to cut staff. The reason behind the big loss is the harry potter game being delayed by 6 months because it has to come out with the film.
its fair enough they are going to make a big loss but next year it will all be recovered easily as they have a full game ready to go and no funding needed for it in Q1 and Q2 during 2009
Re: Re: hmmm
From reading comments on gamasutra, it sounds like this is culling is a regular thing but the only difference is the larger numbers.
I was expecting this for a while just because of all the restructuring and refocusing they are in the middle of. I'm surprised they are saying it's the credit crunch because you'd think they'd try to keep confidence up.
...unless it alleviates fears in shareholders who don't know about the games industry that they aren't doing anything to combat the credit crunch (despite probably not needing too)
Re: Re: Re: hmmm
EA layoffs 'Its in the business!'
Ouch
Wow, it's too bad. Just when EA FINALLY seemed to get it's act together, making such a graeat game as Dead Space. I don't remember the last original IP owned by EA that was any good.
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