Video game maker Electronic Arts (EA) - Get Report staged a comeback Friday on the successful release of a new game, Apex Legends. Shares surged more than 14%, about as much as they had fallen earlier in the week on disappointing earnings.
In a big reversal, the stock saw its biggest gain in two years after it announced that its latest free-to-play battle royale game, Apex Legends, had attracted 10 million users, according to Bloomberg.
Just two days ago, shares fell 13.31% after the company forecast full-year revenue of $4.9 billion, below expectations of $5.2 billion. Earnings came in at 86 cents a share on revenue of $1.3 billion in its fiscal third quarter, while the 30-analyst consensus called for EPS of $1.94 on sales of $1.8 billion, according to FactSet.
In a statement Wednesday, Andrew Wilson, CEO of Electronic Arts said the "Q3 was a difficult quarter for Electronic Arts and we did not perform to our expectations."
Friday the volatile stock was up 21% since the start of the year. It closed at $97.06, up 16.05%.