Electronic Arts posts higher 1Q net income (AP)

REDWOOD CITY, Calif. ? Electronic Arts says higher video game sales helped its fiscal first-quarter net income more than double.

The company, which sells its games in packages and in digital form, said Tuesday that it earned $221 million, or 66 cents per share, compared with $96 million, or 29 cents per share.

Revenue rose 23 percent to $999 million for the quarter that ended June 30.

Adjusted to account for revenue from games with online components, EA had loss of $123 million, or 37 cents per share. Its adjusted revenue was $524 million.

Analysts expected an adjusted loss of 40 cents per share on revenue of $510 million, according to FactSet.

For the current quarter, EA expects an adjusted loss of 13 cents to 3 cents. Analysts are expecting EA to break even.

Source: http://us.rd.yahoo.com/dailynews/rss/videogames/*http%3A//news.yahoo.com/s/ap/20110726/ap_on_bi_ge/us_earns_electronic_arts

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