EA lays off workers

[Momma Bear]

[Only registered users can see links. ]
After reporting a significant loss yesterday, Electronic Arts announced that it would be laying off 6 percent of the firm's workforce, a figure that translates to 540 people, reports Wired.com.


EA stock fell 14 percent in after hours trading, closing at $23.75 a share. The company's second fiscal quarter reports show that the firm lost $310 million. By cutting its workforce, EA estimates that it will save more than $50 million a year.


The cuts will come from EA's studio labels, publishing operation and corporate headquarters.


"Considering the slow down at retail we’ve seen in October, we are cautious in the short term," said EA CEO John Riccitiello.
Image courtesy Electronic Arts

[Only registered users can see links. ]

Sucks it's hitting everyone.