Electronic Arts tumbles after delaying the release of its next Battlefield video game (EA)
- Electronic Arts announced it is delaying the release of its Battlefield V video game.
- The video-game maker also cut its net bookings guidance.
- Shares of the company are down 10%.
Electronic Arts dropped 10% Thursday trading after the video-game maker announced it is delaying the release of its next Battlefield video game by four weeks — to November 20 — and cut its guidance. Battlefield, one of the company’s biggest franchise, is a first-person shooter game and known for its realistic depiction of combat.
“We believe we’ve got one of the best Battlefield games ever coming in Battlefield V,” said Laura Miele, Chief Studios Officer of Electronic Arts.
“Tens of thousands of players have been hands on with the game so far, and we’ve been honored to receive best multiplayer awards at E3 and Gamescom. We’ve had valuable feedback from our community, and we’re going to take the time to make some final adjustments and deliver a great experience for our fans.”
Alongside the announcement, the video-game maker cut its net bookings guidance to $5.20 billion from $5.55 billion, falling further below the Wall Street estimate of $5.59 billion, according to Bloomberg data.
The delay adds to recent setbacks for Electronic Arts. Last month, the company set an earnings forecast of $3.55 per share for the fiscal year ending March 31, 2019, falling well short the $5.02 that was expected by analysts, sending shares tumbling.
Electronic Arts is up 6% this year.
Read the full article from it’s original source: http://uk.businessinsider.com/electronic-arts-stock-price-battlefield-release-delayed-2018-8