EA shares skyrocket
[UPDATE] Company share value closes up 17 percent after earnings report, Star Wars deal, and FIFA license extension.
[UPDATE] Shares of Electronic Arts closed today up 17.11 percent (+$3.15) to $21.56, the highest valuation since the end of 2011.
The original story follows below
Shares of Electronic Arts are up more than 15 percent today after the company's busy week of big news.The publisher announced a new partnership with FIFA today, reported full-year revenue of $3.79 billion yesterday, and signed a new Star Wars deal with Disney on Monday.
At press time, EA shares are up 15.59 percent (+$2.87) to $21.28 for the day. This represents the company's highest stock value since the end of 2011.
EA's new partnership with FIFA will give the publisher exclusive license for future games through 2022. As part of the recent EA-Disney pact, EA will make new Star Wars games for consoles, PCs, tablets, and mobile. Battlefield developer DICE and Dead Space studio Visceral Games are currently working on the new games, powered by the Frostbite 3 engine.
EA's stock is hot today and if the company can execute its near- and far-term goals, growth will only continue, according to the publisher.
"As we enter a new fiscal year, EA is well-positioned for dynamic growth on next generation consoles, PCs, and mobile platforms," executive chairman and interim EA CEO Larry Probst said yesterday. "With world-class games, a rapidly growing digital business, and top-notch creative talent, we are excited about EA's strategy for FY 2014 and beyond."
In an effort to reduce costs, EA recently cut 10 percent of its global workforce, or around 930 people. The publisher will pay $16 million in severance expenses as a result.
EA is not the only game company to see its share value rise today. Grand Theft Auto parent publisher Take-Two Interactive is up 3.8 percent (+$0.60) to $16.35 today, while Activision is up 2.8 percent (+$0.42) to $15.36.
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