Updated from 5:00 p.m. EST
Electronic Arts (ERTS Quote) warned Tuesday that its sales and earnings in the holiday quarter -- the most important of the year for the video game industry -- will be "well below" its own previous outlook and the Street's expectations.
Company officials declined to give new earnings or revenue targets, but CFO Warren Jenson suggested on a conference call that sales could fall as much as the "mid-teens" percentage-wise in the quarter, compared with last year. Worse yet, Jenson said the company expects its troubles to continue into next year, affecting its fourth fiscal quarter, which ends in March.
"The demand curve has shifted abruptly," Jenson said on the call, adding, "We have no reason to believe this abrupt shift in demand will reverse itself." ...
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