Electronic Arts might publish some of the most popular video games, but it’s not immune to the financial hard times that are around. After warning that profits will be lower than expected, it said that it will be shedding over 500 jobs, about 6% of its work force, the BBC reports. On the announcement EA saw its share price tumble 20%, closing at $22.78.
Heading into what should be the biggest sales season of the year, EA’s chief executive, John Riccitiello, was careful in his assessment:
"Considering the slowdown at retail we’ve seen in October, we are cautious in the short term. Longer term, we are very bullish on the game sector overall and on EA in particular."
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