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EA's Riccitiello: Cuts Necessary To 'Transform Our Company'

"We have lots of compassion for those affected," Electronic Arts CEO John Riccitiello said today of the publisher's 1,500 planned layoffs, but he added that "these cuts are essential to transforming our company."

Riccitiello commented on the matter in a conference call following EA's latest quarterly earnings, which saw the company's net loss widen to $391 million.

Although the company said it expects to see profitability in its upcoming third and fourth fiscal quarters, the CEO warned that the back half of 2009 might not be as strong for the industry as some expect.

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