Electronic Arts has pulled back on job postings, an indication of better cost control, analyst Colin Sebastian with Lazard Capital Markets said Thursday.

“Based on our analysis of job requisitions on EA websites, we believe the company has recently curtailed new hiring, which we believe is likely one part of a broader initiative to control expenses,” Sebastian said.

“We note that management has previously highlighted internal efforts to improve operating efficiency; however, it is encouraging to see some evidence of the process in action.”

Sebastian, who has a “buy” rating for EA stock, is also encouraged by the company’s product pipeline, calling 2008’s lineup “an improvement over the past several years.”

He noted in particular Spore, Warhammer Online and Mirror’s Edge.

The analyst also said Madden NFL 09, which released August 12, is achieving flat sales as compared to last year, according to retail channel checks. He said dollar sales are “modestly” higher.

“Importantly, we believe that a solid start for the game should alleviate some investor concerns over the health of the franchise following lower pre-order volumes,” he said.

“While the upcoming weekend will represent another important milestone in measuring sellthrough, we remain comfortable at this point with our forecast for flat unit sales of Madden this year.”