Electronic Arts Inc. has a need for speed — because its current pace is disappointing investors.Slowing down as the rest of the industry gains momentum, the world's biggest video game publisher Tuesday posted a wider quarterly loss and declining sales. It is making a bumpy transition to the next generation of consoles, which includes Microsoft Corp.'s Xbox 360, Sony Corp.'s PlayStation 3 and Nintendo Co.'s Wii.
EA, which makes "Need for Speed," "Madden Football" and other popular games, said it lost $25 million, or 8 cents a share, during its fiscal fourth quarter ended March 31. That compares with a loss of $16 million, or 5 cents a share, during the same period last year. Revenue fell 4% to $613 million.
"They just haven't been able to leverage their position as market leader," said David Sandell, a portfolio manager for Leeb Capital Management Inc. in New York, which has sold its EA holdings.
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