Video-game software publisher Electronic Arts Inc. swung to a fiscal second-quarter net loss, hurt by an accounting change, but shares climbed 5 percent after the company outlined a promising product lineup and said it expected to see a "great" holiday season.
The company also said Thursday it would shut down one of its development studios in England and trim its work force by about 4 percent, laying off about 350 employees.
"They´ve made tons of progress," said Michael Pachter, an analyst at Wedbush Morgan Securities. "They appear to have costs under control and revenue growth is solid. They made all the right comments about cost-cutting."
Read More: Electronic Arts Swings to 2nd-Quarter Loss As Revenue Slides; Company Sets Restructuring Plan
News Original From: canadianbusiness
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