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EA reports $130 million loss, revenues just short of forecast

Publisher announces $500 million stock buyback program

EA has announced an overall loss of $130 million for the quarter ending June 30.

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The firm saw net revenue of $491 million, which fell just short of the $500 million forecast.

EA's Interim Chief Financial Officer Ken Barker called it a "a solid first quarter", while president of EA Labels Frank Gibeau said EA "continues to make progress in our goal of becoming the leading digital entertainment company."

The firm seemed pleased with Battlefield 3's Premium service having sold over 1.3 million subscriptions since release, stating during the investors call today that this "hit" had offset the "miss" of Star Wars: The Old Republic's rapid subscriber decline to below a million users.

Battlefield 3 and FIFA 12 also continue to "outperform expectations", selling through over 2 million units combined in the first quarter, while Origin hits 21 million users.

The firm also announced a $500 million stock buyback initiative, which Barker said "demonstrates our confidence in EA's future".

CEO John Riccitiello said: "We have established an unmatched diversity in our business with multiple brands performing across several channels, business models and geographies. This allows us to drive profitable growth in a rapidly transforming marketplace for games."

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