Electronic Arts Inc. (EA), trading near lows not seen since March 1999, climbed as much as 8.4 percent after reporting a smaller quarterly loss than analysts expected and saying it would buy back as much as $500 million in stock.
The second-largest U.S. video-game maker, based in Redwood City, California, rose as high as $11.95 in extended trading yesterday from $11.02 at the close in New York. Electronic Arts, publisher of the “Madden NFL” and “Battlefield” titles, has retreated 47 percent this year as the company grapples with a consumer shift toward online play.
Chief Executive Officer John Riccitiello is adding online games to reduce the company’s reliance on sales through retail stores, which have fallen as consumers boost Internet play.
