EA Lost $300 Million Last Quarter Because People Aren't Playing Older Consoles Anymore

The reason for the sharp decline in revenues is because of the waning interest in current-gen consoles.

The Microsoft Xbox One and Sony PlayStation 4 consoles were released just weeks before the holiday shopping season (November 22 and 29, respectively), but it seems as though consumers had no problems dropping their current-gen consoles for something new.

The Xbox One sold 3 million units, and the PlayStation 4 has sold 4.2 million units through December 2013.

Strong sales of next-gen console titles, such as Battlefield 4, Need for Speed Rivals, FIFA 14 and Madden NFL 25 led the company's sales for December.

"In a transitional quarter, EA delivered EPS results above our guidance driven by strong sales of our next-generation console titles, continued growth in our digital games and services, and financial discipline across the business," said Chief Financial Officer Blake Jorgensen in a statement.

He said that for the full-year outlook, EA will be lowering the non-GAAP net revenue guidance to $3.91 billion "due to the weakness in current-generation software."

Digital sales continue to be going well for the company, however. EA reported that 50.7 percent ($410 million) of its earnings came from digital sales.