Electronic Arts reports falling profits

Electronic Arts reports falling profits

Electronic Arts has reported that their quarterly profit fell 57%. The company has suffered from the cost of employee stock options.

However, the company’s share price gained at the market as its results topped Wall Street expectations. EA also raised its full-year sales and profit forecast.

The company reported that its net income for the most recent quarter fell to $22 million, or 7 cents a share, from $51 million, or 16 cents, a year earlier. This included $33 million in option costs.

The sales were up 16% to $784 million. The market had expected figures of around $673 million. EA gained from phenomenal sales of Madden NFL ‘07 and NCAA Football ‘07 gaming titles.