The company said in a statement it does not expect to provide updated financial guidance for fiscal 2009 before it reports third-quarter results in early February.

Shares of EA dropped more than 6 percent to $18.12 in after-hours trading after the company's announcement.

EA, which makes popular games like "Madden NFL" and "FIFA Soccer," said it is continuing to pursue cost saving measures such as reducing its product portfolio for fiscal 2010 with associated job cuts and facility consolidations.

"We are disappointed that our holiday slate is not meeting our sales expectations," EA Chief Executive John Riccitiello said in a statement.

"Given this performance and the uncertain economic environment, we are taking steps to reduce our cost structure and improve the profitability of our business."

Other video game makers including Take Two Interactive Software Inc and Microsoft Corp's games unit have said they expect sales to hold up this holiday season despite the economic downturn.

The stock fell $2.52, or 11.52 percent, to close at $19.35 in regular Nasdaq trading.

(Reporting by Yinka Adegoke; editing by Richard Chang)