Electronic Arts today released its financial results from the third quarter of its 2009 fiscal year, posting an overall net loss of $641 million. Due to poor holiday sales, the company has "significantly reduced" its outlook for the year, with EA CEO John Riccitiello labeling this "a clear disappointment." EA stated it had $1.65 billion in revenue for the quarter ending Dec. 31 2008, from $1.5 billion from the same period a year ago. However, the company had a net loss of $641 million for the quarter compared to a loss of just $33 million for the same period a year ago. Sales were driven by FIFA 09, Rock Band 2, Need for Speed Undercover, Rock Band, Left 4 Dead, Dead Space, Madden NFL 09, Littlest Pet Shop, NBA Live 09 and Mirror's Edge, with Warhammer Online racking up approximately 300,000 subscribers. EA now says it will close 12 of its facilities and lay off 1,100 of its team members, which is about 11 percent of its workforce.
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