NEW YORK (TheStreet) -- Electronic Arts' (EA) stock dropped 4.8% to $17.55 after the company posted fourth-quarter guidance that came in lower than anticipated, although it reported strong results for the December quarter.
The video game publisher reported adjusted profit of $334 million, or 99 cents per share, up from adjusted profit of $196 million, or 59 cents during the same period last year.
Adjusted revenue increased 17% $1.7 billion. Analysts were looking for 93 cents per share and revenue of $1.6 billion.
EA has been aggressively trying to stave off an industry-wide decline in the traditional video game space by shifting its focus away from packaged goods and towards digital content.EA's adjusted digital revenue grew 79% to $377 million during the quarter. Top performing games included Star Wars: The Old Republic, one of EA's most highly anticipated -- and most expensive -- titles ever, which sold 2 million copies since its launch in late December. Battlefield 3 and FIFA 12 both sold over 10 million each during the quarter, the company said. But EA's forecast for the current quarter came in lighter than predicted at earnings per share between 10 cents and 20 cents and revenue in the range of $925 million to $975 million. Analysts were looking for 30 cents per share and revenue of $996.3 million for the period. --Written by Olivia Oran in New York.
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