Electronic Arts which has a large Maitland studio saw its stock drop Wednesday after it announced financial results of its recent quarter which ended Sept. 30.
Multiple financial news websites quoted analysts who said the stock impact was because EA lowered its expectations for holiday game sales.
The gaming company reported revenue for online games or digital rose to $689 million in the quarter up by $123 million.
But sales of packaged games declined not surprisingly by $62 million to $270 million.
Total revenue for the quarter was $959 million up by $61 million.
But the company (NASDAQ: EA) still reported a net loss of $22 million for the quarter and a loss per share of 7 cents. Those losses were small than the same quarter last year.
The stock on Wednesday dropped by over $5 or 4.29 percent to $114.47.
CEO Andrew Wilson said the second-quarter results were powered by the company’s sports titles mobile games and expanding e-sports competitions. He promised more “event-driven live services including competitive gaming.”
CFO Blake Jorgensen said the company has seen “a notable shift to digital in our sports titles,”
The company said digital net sales for the past 12 months were $3.24 billion up 26 percent year-over-year and now represent 63 percent of total net sales for the same period.
More than 50 percent of Madden NFL 18 players engaged in the game’s “Longshot” story mode through Q2 and Madden Ultimate Team players are up 25 percent year-over-year. Madden NFL is created in the Maitland studio.
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