Electronic Arts Reports Mixed Quarter

Electronic Arts Inc. ERTS just reported third quarter earnings, and it was a mixed report. Earnings came in better than expected, coming in at 59 cents per share, 2 cents better than estimates. Revenues were a little light, coming in at $1.41 billion. Wall Street was expecting $1.44 billion. The company announced fourth quarter estimates that are better that expectations, and also announced a new $600 billion buyback. "We had a solid third quarter with non-GAAP earnings up more than 75% year-over-year,” said Eric Brown, Chief Financial Officer. “EA reported 39% growth in digital and is tracking toward our $750 million full year non-GAAP digital revenue target.” “We are pleased to report another strong quarter,” said John Riccitiello, Chief Executive Officer. “Our $600 million stock buyback demonstrates our confidence in EA's digital strategy.” The stock is jumping in after hours, trading at $16.98‎, a gain of $1.36‎ or 8.71%‎.