Electronic Arts Sees Substantial Profit Growth Due to 'Harry Potter' Success

Electronic Arts, the world's leading video game publisher, announced an impressive 50% increase in third-quarter profits, largely attributed to the successful sales of games tied to Warner Bros' film "Harry Potter and the Sorcerer's Stone."

The Redwood City-based company reported net earnings of $132.3 million, a significant improvement from the $88 million earned during the same period the previous year. Excluding goodwill and additional charges, EA posted pro forma earnings of $147.1 million.

Revenue figures also showed remarkable growth, reaching $832.9 million compared to $640.3 million in the third quarter of fiscal 2001.

CEO Larry Probst highlighted the unprecedented success of their Harry Potter game series, stating: "'Harry Potter' was our most successful launch title ever, with over 7 million units on four platforms." The company's strong performance was further bolstered by high demand for games compatible with new gaming consoles, including Nintendo's GameCube and Microsoft's Xbox.

Looking ahead, Electronic Arts has secured exclusive rights to develop "Lord of the Rings" games for consoles and handheld devices, with plans to release their first title in this franchise by fall, coinciding with the second film's theatrical release.

Despite these positive developments, EA's stock experienced a slight decline of 5¢, closing at $56.90. After a strong 41% growth in 2001, the company's shares have decreased by 5% in the current year.

The video game industry typically experiences a sales slowdown in March, a pattern analysts expect to continue this year despite EA's strong quarterly performance.

What are the Harry Potter Movies about and Where to Watch

The Harry Potter movies chronicle the magical adventures of young wizard Harry Potter as he attends Hogwarts School of Witchcraft and Wizardry, forms lifelong friendships, and confronts the dark wizard Lord Voldemort who threatens the wizarding world. If you're wondering where to watch harry potter films, they're available across several streaming platforms including HBO Max and Amazon Prime, though availability varies by region, with some viewers needing to rent digitally when the series isn't included in their subscription services.

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