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Electronic Arts Earnings: EA Stock Plummets on Q3 Revenue Miss

EA stock is down more than 10% after the bell Tuesday

Electronic Arts earnings (NASDAQ:EA) were unveiled late in the day Tuesday, with the company posting mixed quarterly results that included an earnings beat and a revenue miss, sending EA stock plummeting after hours.

Electronic Arts EarningsThe video game maker said that for its third quarter of its fiscal 2019, it brought in earnings of $1.95 per share on an adjusted basis, which came in above the $1.94 per share that the Wall Street consensus estimate called for, according to data compiled by a Refinitiv survey.

Electronic Arts added that its revenue for the period tallied up to $1.61 billion, which was below the $1.75 billion that analysts were calling for, according to Refinitiv. “The video game industry continues to grow through a year of intense competition and transformational change,” CEO Andrew Wilson said in the statement.

“Q3 was a difficult quarter for Electronic Arts and we did not perform to our expectations. We are now applying the strengths of our company to sharpen our execution and focus on delivering great new games and long-term live services for our players. We’re very excited about Apex Legends, the upcoming launch of Anthem, and a deep line-up of new experiences that we’ll bring to our global communities next fiscal year.”

EA stock is down more than 10.3% after the bell on Tuesday following the company’s mixed quarterly results. Shares had been surging more than 4.6% during regular trading hours in anticipation of the company’s results.

Article printed from InvestorPlace Media, https://investorplace.com/2019/02/electronic-arts-earnings-ea-stock-3/.

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