EA swings to $96m profit in Q1

Electronic Arts recorded a $96 million profit for the first quarter of the 2010 financial year, a massive improvement over the $234 million loss it recorded for the same period last year.

The company pointed to boxed and digital titles for the strong results, claiming the number one publisher position on home consoles with 33 per cent share at retail this calendar year-to-date, and number one across all formats on the AppStore.

"We had a solid first quarter, exceeding expectations both top and bottom line," said John Riccitiello, Chief Executive Officer.

"Top quality titles like 2010 FIFA World Cup South Africa, innovative digital offerings for titles like Battlefield: Bad Company 2 and Scrabble on the Apple iPad are driving the business."

Net revenues were up 27 per cent during the three months to June 30, from $644 million to $815 million.

"EA is well-positioned for the year ahead and reaffirms its FY11 non-GAAP guidance," added Eric Brown, Chief Financial Officer. "Digital revenue is expected to grow approximately 30 per cent year over year, to $750 million in the fiscal year."