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Pachter Backs Riccitiello
Wedbush Morgan’s Michael Pachter has praised EA CEO John Riccitiello following EA’s gloomy earnings call.
Yesterday the publisher announced a Q3 net loss of $641 million, a far deeper cut than previously forecast. In order to rectify the problem, EA stated it would need to cut around 11 percent of its workforce, close 12 facilities, and narrow its product portfolio.
Yet confidence in the company remained strong, as its share price rose 12 percent to $17.36 after the call, suggesting investors had been impressed.
Pachter believes that Riccitiello’s speech was the encouraging factor in EA’s earnings call, as he told VG247: “The man who spoke yesterday sounded self-aware, accountable, and determined to get the job done.”
“I think that the John Riccitiello who spoke last night is definitely the right person,” he added, “the Riccitiello who was aloof and unconcerned on prior earnings calls was the wrong person.”
“In my view, he’s a bright guy with a ton of experience and is sufficiently conscientious to lead the company.”
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Subscribe To Edge Magazine / Corrections / Terms & Conditions / Privacy Policy
Copyright 2006 - 2009 Future Publishing Limited, Beauford Court 30 Monmouth Street Bath, UK BA1 2BW
England and Wales company registration number 2008885
Man EA needs to stop looking bad news and look at the postive. Fifa online anyone? they still have great Ip's and game devs. EA will beat the ression even if the console markets break down.
I am going to help some publisher out in this ression. OK lets say this econmy turns into a depression. Pc gamers will be turning to free games and mods. If it's a ression pc gamers will buy fewer games they will must likely buy games with mod support,, MMO's, mulitplayer games. Games like guild wars, never winter nights2 abd daiblo are perfect for us. Where publishers should be looking at is the free games market if things get worse use Ad to support. also look to cheap games as well. For pc gaming all it needs is cheap games and internet. In a depression cheap single player games will go places.
companies like EA if you make sure to stay gobal with your produsts.
As for consoles watch the retailers and hard ware companies. Not just nintendo,sony and xbox 360 but also the companies that make the parts. If this econmy turns into a depression I can't see consoles making it with high cost productions.