EA Cutting Around 500 Jobs

jammin - November 3, 2008 09:50AM in Gaming

Games publishing powerhouse EA announced lower than expected profits for the year, also saying that the company will cut more than 500 jobs (nearly 6% of the its total workforce). Those positions will be culled across various locations and functions and doesn't rule out the possibility of forced redundancies. Reasons cited for the lower profits include higher development and marketing costs, as well as delays to games and possibly most importantly, a general slowdown in retail as a whole. EA Chief Executive John Riccitiello said "...we are cautious in the short term" but also added "Longer term, we are very bullish...".