Amidst troubled times in the economic sector, mega-publisher Electronic Arts today released financial results for the second quarter of its 2009 fiscal year, and the results are far from uplifting. Despite net revenue increasing to $894 million, the company incurred a $310 million net loss, up from $195 million the previous year.

“Considering the slow down at retail we’ve seen in October, we are cautious in the short term,” said John Riccitiello, Chief Executive Officer. “Longer term, we are very bullish on the game sector overall and on EA in particular. The industry is growing double-digits on the strength of three new game consoles and increases in the number of homes with broadband internet connections. EA is well positioned to benefit from these technology drivers due to the strength of our creative studios and our broad collection of game properties–from The Sims, to Spore and Madden NFL, to Warhammer Online.”

In response, Electronic Arts is laying off employees. As part of a cost reduction plan, EA says it will reduce its workforce on a worldwide basis by approx. 6 percent, or around 600 employees. The move will save the company $50 million annually, according to internal estimates.

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