EA Exceeds Profit Expecations, Stock Surges

Electronic Arts reported Q1 results yesterday, posting excellent results -- in stark contrast to the dismal news some of its competitors revealed this week.
First-quarter profits shot up 148 percent over last year, reaching $18 million (12 cents per share) and beating analysts' expectations by 2 cents. EA brought in $353 million in revenue, beating last year by 5 percent. The company cited sales of NBA Street Vol. 2, Def Jam Vendetta and The Sims Superstar Expansion Pack as key revenue drivers during the quarter. Looking ahead, EA kept its Q2 profit estimates in line with analyst expectations: 35-42 cents per a share on sales between $470 million and $510 million. The company did not raise its revenue outlook for the year, but did predict better earnings, at $3.25 - $3.40 a share (up from a previous forecast of $3.10 and $3.25 a share). The combination of exceeding profit expectations and the general opinion that EA won't fall under SEC scrutiny (as have competitors Acclaim, Activision, Midway and THQ) lifted shares of EA in early trading today. Shares are up $5.81, or almost 8 percent.

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