EA confirms layoffs, 'disappointed' with holiday sales

Confirming what analysts had said yesterday, Electronic Arts has announced that it is "continuing to pursue cost saving initiatives including a reduction of its product portfolio for fiscal year 2010 with additional associated headcount reductions and facility consolidations" -- or, simply put, that more layoffs are on the way.

More directly, CEO John Riccitiello said that it was "disappointed that our holiday slate is not meeting our sales expectations" while noting that there was a "significant improvement in overall quality." EA has a conference call set for 5:00PM ET today.