Shares of Electronic Arts Inc. (EA) - Get Report  were down 13.31% Wednesday after issuing disappointing guidance. 

The company forecast full-year revenue of $4.9 billion, below expectations of $5.2 billion.

Electronic Arts posted earnings of 86 cents a share on revenue of $1.3 billion in its fiscal third quarter. The company had been expected to report earnings of $1.94 a share on sales of $1.8 billion, based on a FactSet survey of 30 analysts.

"Q3 was a difficult quarter for Electronic Arts and we did not perform to our expectations," said Andrew Wilson, CEO of Electronic Arts, in a statement.

Wilson added that "significant challenges" it faced in the third quarter would continue into the current period.

Fellow video game maker Take-Two Interactive Inc. (TTWO) - Get Report was tumbling 13.6% after the company issued a weak fourth-quarter outlook.

Take-Two posted net income of $179.9 million, or $1.57 a share, up significantly from $25.1 million, or 21 cents a share, a year earlier. However, Take-Two also said it received a $108.7 million tax benefit in the quarter related to deferred tax assets. 

Take-Two said it it expects fiscal fourth-quarter earnings of 67 cents to 77 cents a share on net revenue of $530 million to $580 million. Analysts were looking for profit of 84 cents a share on sales of $609 million.

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