Electronic Arts reports falling profits

Electronic Arts reports falling profits

The world’s largest publisher of videogames for all the major gaming platforms, Electronic Arts has reported a 31 Percent in its profits figure. The company reportedly has lost the revenues as the consumers are still waiting for the arrival of new gaming consoles like the Sony Playstation 3 and Nintendo Revolution.

Software giants Microsoft have already launched their Xbox 360 gaming console but have been unable to meet the demand in the market. They recently slashed their own targets for sales in the market due to shortage of consoles in the market. They expect to resume constant supplies in the next couple of months to meet this demand.

EA reported that it earned $259 million, or 83 cents per share, for the three months ending December 31. This is a drop from profits of $375 million, or $1.18 per share in the same period a year back. In addition, the revenues for the company were down to $1.27 billion from $1.43 billion in the prior year.

These results came a day after EA announced that they were cutting their workforce to cut costs. They also failed to meet the market expectations for the quarter.