Electronic Arts (NYSE:EA) is surging ahead as much as nine per cent in after hours trading after the company's profit target for the current fiscal year soared past expectations.
The maker of video games such as SimCity and FIFA 13 estimates its adjusted net profit for the 2014 fiscal year, which began April 1, to be $1.20 on $4 billion in revenue, 10 cents ahead and $100 million short, respectfully, of the analyst consensus.
"As we enter a new fiscal year, EA is well-positioned for dynamic growth on next generation consoles, PCs, and mobile platforms," said executive chairman Larry Probst in a company release.
For the first quarter, analysts predicted a $0.36 per share loss, while EA says it will lose $0.62 per share.
Adjusted net income in the fiscal 2013 fourth quarter tripled to $169 million or $0.55 per share, missing expectations by three cents.
Revenue rose 6.4 per cent to $1.04 billion, in line with consensus.
On Monday, EA announced a deal with Disney (NYSE: DIS) to develop a new series of Star Wars games.