EA cuts quarterly losses, despite declining revenue

Electronic Arts has posted its financial report for the second quarter (July–September) of its 2011 fiscal year, posting $631 million in revenue, a decline of $156 million compared to revenue recorded during the same period last year. However, the megapublisher managed to cut its net loss to $201 million -- almost half of last fiscal year's second quarter loss of $391 million.

EA CEO John Riccitiello said of the company's recent performance, "We credit our results to blockbusters like FIFA 11 and to innovative digital offerings like The Sims 3 Ambitions and Madden NFL 11 on the iPad." Indeed, FIFA 11 was a golden goose for the publisher -- it was the best-selling game in Europe during the quarter, pushing the life-to-date sales of the FIFA franchise past 100 million worldwide.

The publisher also revealed its "cost reduction plan," which seeks to "restructure key licensing and developer agreements to improve the long-term profitability of its packaged goods portfolio." How much more obtuse can the plan get, huh?