EA disappointed by its holiday 08 game sales

Will reduce its product portfolio for fiscal year 2010.

EA has announced that it expects net revenue and earnings per share for fiscal year 2009 to be below the financial guidance provided on October 30, 2008. This comes as a result of lower than expected sales across North America and Europe.

"While we saw significant improvement in the overall quality of our key products this year, we are disappointed that our holiday slate is not meeting our sales expectations," said CEO John Riccitiello.

"Given this performance and the uncertain economic environment, we are taking steps to reduce our cost structure and improve the profitability of our business."

EA noted that it is "continuing to pursue cost saving initiatives including a reduction of its product portfolio for fiscal year 2010 with additional associated headcount reductions and facility consolidations".

While Riccitiello did not confirm what titles are to be included in the cull, he stated that EA remains "committed to investing in great game quality, in new properties and in our direct-to-consumer initiatives" and "will be launching several new titles and online games in fiscal 2010".