Shares of Electronic Arts (Nasdaq:ERTS) soared in after hours trading on the news they were going to buy back $600 million in shares, sending the stock up over 9 percent.
That helped the company, which would have otherwise taken a hit, as they reported a quarterly net loss of $322 million, or 97 cents a share. Last year in the same quarter they had a loss of $82 million, or 25 cents a share.
Earnings on an adjusted basis for Electronic Arts came in at $59 cents a share, up from the 57 cents a share analysts were looking for.
The 59 cents a share was much better than consensus, and along with the share buyback, is considered very positive by shareholders, as evidenced by Electronic Arts after hours performance.
Revenue for the quarter rose to $1.41 billion, from $1.35 billion last year in the same quarter.
Electronic Arts closed the regular trading session at $15.62, up $0.03, or 0.19 percent. In after hours trading, they were trading at $17.10, up $1.51, or 9.67 percent.
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