Game company Electronic Arts posts 1Q profit

NEW YORK — Video game publisher Electronic Arts Inc. reported stronger results than it had forecast, boosted by solid sales of games such as "2010 FIFA World Cup South Africa," ''Scrabble" for Apple Inc.'s iPad and add-on content for older titles.

The company posted net income for its latest quarter on Tuesday, reversing a loss a year earlier as revenue grew 27 percent.

The company said net income was $96 million, or 29 cents per share, in the fiscal first quarter, which ended in June. In the same period last year EA's net loss was $234 million, or 72 cents per share.

By a more closely watched metric — adjusted results that exclude special items and account for deferred revenue from games with online components — EA reported a loss, but still handily surpassed Wall Street's expectations. Its shares advanced in after-hours trading as a result.

On an adjusted basis, EA posted a loss of $78 million, or 24 cents per share. Analysts polled by Thomson Reuters had expected a larger adjusted loss of 35 cents per share. The loss in the same period last year was $6 million, or 2 cents per share.

EA said net revenue rose to $815 million from $644 million.

Adjusted revenue fell 34 percent to $539 million from $816 million. Analysts were expecting $502 million in revenue.

EA, which is based in Redwood City, Calif., also affirmed its guidance for the full fiscal year and said for the current quarter, it expects an adjusted loss of 15 cents to 10 cents per share on revenue of $775 million to $825 million.

This compares with analysts' expectations of a loss of 10 cents per share on revenue of $816.9 million.

EA's shares rose 82 cents, or 5.1 percent, to $17 in after-hours trading. In regular trading earlier, the stock closed down 32 cents, or 1.9 percent, at $16.18.