Thursday, October 30, 2008

EA Chops 6 Percent Of Staff

Redwood City-based EA said Thursday afternoon that it is cutting 6 percent of its staff, as it looks to cut costs, after seeing a slow down at the retail level in october. According to EA, it is implementing a cost reduction plan which will eliminate 6 percent of its workforce, and save the firm $50M in annual costs. The move came in conjunction with the firm's quarterly earnings release. EA said it lost $310M for the quarter, compared with a net loss of $195M for the prior year.