EA stock dives in after hours trading
Shares the publisher fall over 8% after close yesterday following lower guidance news
Shares in publishing giant EA fell by almost 8.4 per cent in after hours trading yesterday following the company's admission that revenues are likely to be significantly lower than predicted.
Full guidance was lowered with the top end of the range coming down by $225 million to $3.6 billion.
Until that announcement the company's shares had been generally rising since the beginning of December, moving from the $16 range to the $18 range, but when the markets open later today it looks likely that the price will tumble back to around $16.70 - although after hours trading doesn't necessarily reflect actual share price movements.
The company has pinned the blame on a decline in boxed products in Europe, as well as lower margins on goods in the US. The loss per share is expected to hit between $1.94 and $2.24 when the publisher reports its full year results later in the Spring.