Game publisher EA has recorded a net loss of $1.08 billion on a revenue of $4.2 billion over the fiscal year ending March 31, 2009. Revenue was up 15 percent from last year's $3.6 billion while the company's loss more than doubled.
However, the fourth quarter results were better than expected as the company published a loss of only $42 million. EA CEO John Riccitiello claims the company's strong cost actions in Q4 FY09 and investments in digital service business will result in a stronger fiscal 2010.
Meanwhile, the publisher's fourth quarter results rang in to the tune of $42 million in net loss--less than expected by analysts. According to EA, sales in that quarter were largely driven by Skate 2, Rock Band 2, The Lord of the Rings: Conquest, Left 4 Dead and Need for Speed Undercover.
Following third quarter losses of over $600 million, EA quickly moved to cut back its operation, presenting plans in February to close 12 facilities and cut 11% of its workforce.