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July 30 (Reuters) - Electronic Arts Inc raised its full-year profit and sales forecasts, counting on the upcoming launches of “Star Wars: Battlefront” and “Need for Speed” titles, but the forecast fell short of analysts’ estimate.
The video game publisher’s shares fell more than 3 percent in trading after the bell on Thursday.
EA raised its full-year adjusted revenue forecast to $4.45 billion from of $4.40 billion, and its adjusted profit forecast to $2.85 per share from $2.75 per share.
Analysts on average were expecting profit of $2.87 per share, on revenue of $4.48 billion, according to Thomson Reuters I/B/E/S.
Both the “Star Wars” game and the latest version of “Need for Speed” are expected to be launched later this year.
The company’s net income rose 31.9 percent, to $442 million, or $1.32 per share, in the first quarter ended June 30.
Excluding items, the company earned 15 cents per share, handily beating analysts’ estimate of 3 cents per share.
Adjusted revenue fell 10.6 percent to $693 million, but beat analysts estimates of $652 million.
The Redwood City, California-based company’s shares fell to $70 in after-market trading. The stock closed at $72.30 on Thursday on the Nasdaq. (Reporting by Anya George Tharakan and Subrat Patnaik in Bengaluru; Editing by Ted Kerr and Savio D‘Souza)