EA shares surge on FIFA game sales
Electronic Arts said it has sold 2.6 million copies of its new game, FIFA 11, in Europe and North America since its launch on September 28. The company said it was the fastest-selling sports game ever.
"This could add an additional $45 million to our fiscal Q2 '11 sales estimate," said Mike Hickey, a Janco Partners analyst.
The shares were up 76 cents or 4.5 percent to $17.72 in mid-morning trading on Nasdaq; they reached as high as $18.06 earlier. The shares had been under pressure since late April on slow game sales as well as delays.
In late September, Electronic Arts delayed the much-anticipated basketball game "NBA Elite," making the football game one of the company's biggest product releases of the year.
"Good news has been hard to come by lately for the markets, specifically for video games," said Daniel Ernst, a Hudson Square Research analyst.