Stock Alert: Electronic Arts Falls 10%

(RTTNews) - Shares of Electronic Arts Inc. (EA) are tumbling more than 10 percent or $13.38 in Friday's morning trade at $114.95.

Thursday, Electronic Arts reported that its income for the second quarter fell to $185 million or $0.63 per share from $854 million or $2.89 per share in the year-ago period. Net revenue declined 14.8 percent to $1.15 billion from $1.35 billion last year.

Looking ahead, Electronic Arts forecast third-quarter earnings of $0.61 per share on revenues of about $1.675 billion, and fiscal 2021 earnings of $3.15 per share on revenues of about $5.625 billion. The company also projected net bookings of $2.35 billion for the third quarter and $5.950 billion for the full year.

Analysts polled by Thomson Reuters have a consensus estimate for third-quarter earnings of $2.93 per share on revenues of $2.33 billion and full-year earnings of $5.61 per share on revenues of $6.05 billion.

Electronic Arts has traded in a range of $85.69 to $147.36 in the past 52 weeks.