REDWOOD CITY, Calif. (TheStreet) -- Electronic Arts, the video game maker, turned in a narrower-than-expected loss for its fiscal first quarter, but continued to struggle with declining revenue for its once-chart-topping games.
The company said its adjusted bottom line, excluding items, was in the red by $6 million, or 2 cents a share, better than analysts' estimates of a 13-cent loss.
In after-hours trading Tuesday, EA shares jumped nearly 4%, changing hands at $22.66. The stock closed the regular session at $21.89.
A year ago, the company lost $135 million, or 42 cents a share.
Video Games Not Recession-Proof
On the top line, revenue fell to $644 million from $804 million, which fell below Wall Street targets of $725 million.
EA attributed its beating of bottom-line estimates to cost-cutting measures, including layoffs.
Despite the revenue shortfall, the company mentioned "a strong frontline slate" of games, including the third iteration of its
game as well as
Fight Night Round 4
and an exercise-routine offering called
EA Sports Active
EA reiterated previously released guidance for its forthcoming fiscal year, saying it still expects non-GAAP earnings of $1 a share. Analysts have targeted 97 cents.
-- Written by Scott Eden in New York.
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