Electronic Arts 1Q net income more than doubles (AP)

NEW YORK ? Electronic Arts Inc. more than doubled its fiscal first-quarter net income thanks to higher sales of video games such as "Portal 2," "Crysis 2" and the soccer title "FIFA 11."

The company said Tuesday that it earned $221 million, or 66 cents per share, in the three months that ended on June 30. That's up from earnings of $96 million, or 29 cents per share, in the same period a year earlier

Revenue rose 23 percent to $999 million from $815 million.

Adjusted to account for revenue from games with online components, EA had loss of $123 million, or 37 cents per share, the higher end of its guidance. Its adjusted revenue was $524 million. On this basis, analysts expected a loss of 40 cents per share on revenue of $510 million, according to FactSet.

"This was another solid quarter driven by both digital and packaged goods," said CEO John Riccitiello in a statement. "We saw strong digital revenue growth over the prior year. On packaged goods, `NCAA' is off to a great start and pre-orders for `Battlefield 3' are tracking extremely well."

For the current quarter, EA expects an adjusted loss of 13 cents to 3 cents per share and adjusted revenue of $925 million to $975 million. Analysts are expecting EA to break even, on adjusted revenue of $896.8 million.

The company recently announced that it plans to buy PopCap Games, a maker of casual games such as "Bejeweled" and "Plants vs. Zombies," for at least $750 million.

It will be EA's largest acquisition to date, but the company said the deal won't affect its earnings in the current fiscal year. In fiscal 2013, which begins next spring, the acquisition will add at least 10 cents to adjusted earnings per share.

EA expects full-year earnings of 70 cents to 90 cents per share and revenue of $3.95 billion, up from $3.73 billion. Analysts on average expect earnings of 85 cents per share and revenue of $3.95 billion.

Shares of Redwood City, Calif.-based Electronic Arts climbed 39 cents to $24.20 in after-hours trading. The stock had closed down 26 cents at $23.81.

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20110726/ap_on_bi_ge/us_earns_electronic_arts

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