You'd think Electronic Arts would be raking the cash in...right? But, despite having AAA franchises such as FIFA, Need for Speed, Medal of Honour and The Sims in their portfolio, the last quarter has seen the company suffer losses in excess of 195 million USD.

In a bid to stem losses, EA will be closing their development operation in the UK, which is based in Chertsey, Surrey and reported to cost approximately 30 million USD per year to run.

In the same period last year, EA made a 22 million USD profit, but their lack of support for Wii so far this year has contributed to the loss.

"We were late to the Wii, but this year, we plan to launch ten to 15 games for the Wii and DS," said EA's CFO Warren Jenson.

The BBC have stated that EA will axe a total of 350 jobs worldwide.

Source :: BBC