ELECTRONIC ARTS INC (ERTS) 18.42 -$0.11 (-0.59%) 04:50PM (15 mins delay)

“Electronic Arts (ERTS) slashing jobs and closing down several studios. It is reporting its 11th straight quarterly loss. Second quarter loss of $391 million. It expects to turn a profit in both the third and fourth quarters.” — Fox Business Network Imus in the Morning 11/9/2009

Electronic Arts, the second largest video game producer, released second quarter earnings after the bell Monday night that were very disappointing. While revenues grew by about 2%, which was ahead of analysts’ expectations, costs remain a problem and dragged the company to its 11th straight quarterly loss. Excluding one-time items the company made six cents per share but was still below analysts’ expectations. In addition, EA has announced sweeping cost control measures and restructuring efforts in order to attempt to reign in expenses.