EA raises outlook as shares jump on buyback

Video game publisher Electronic Arts Inc's (ERTS.O) announced a surprise $600 million share buyback plan and raised its earnings forecast for 2011, sending its shares up more than 9 percent on Tuesday.

EA, which had its last share buyback in fiscal year 2004, said the plan reflects the company's faith in its growth strategy, specifically in its rapidly growing digital business. EA is the top publisher of games by revenue on Apple Inc's (AAPL.O) iPad and iPhone, and is concentrating more on its digital business.

In the third quarter, digital revenue increased 39 percent to $211 million and EA said it is on track to generate $750 million in digital revenue for the full year.

Read Full Article from Reuters

- Posted: 2011-02-01 21:24:34

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