Publisher EA has reported a net loss of $322m for its Q3 ending December 31st 2010 – a year-on-year increase of nearly 300 per cent.
Revenues for the period were down 15 per cent at $1.05bn.
However, adjusted non-GAAP numbers are more positive, showing almost a doubling of profits to $196m and a slight jump in revenue to $1.41bn.
And demonstrating its continued belief in John Riccitiello’s rescue plan, the publisher last night announced a $600m share buyback plan to be implemented over the next 18 months. On the back of the news the company’s share price rose nine per cent.
There was also big growth in EA’s digital business which grew 39 per cent year-on-year to $211m. DLC releases for Bad Company 2 and FIFA 11 were selected for particular praise, as well as the publisher’s maintained market leading position on the Apple App Store and recent success with games for Amazon’s Kindle.
Throughout 2010 five titles have managed sales of 5m units or more – Medal of Honor, Need for Speed: Hot Pursuit, FIFA 11, Madden 11 and Battlefield: Bad Company 2.
"We are pleased to report another strong quarter," CEO John Riccitiello stated. "Our $600m stock buyback demonstrates our confidence in EA’s digital strategy."