Yesterday Electronic Arts announced it plans to slash over 1,500 jobs by March 2010 as a cost-reducing measure. Since October 2008 EA has already eliminated over 1,000 jobs.

The world’s second largest video game publisher said it will concentrate its efforts on products bearing “higher margin opportunities.”

“This action will result in the closure of several facilities and a headcount reduction of approximately 1,500 positions, of which 1,300 are included in the restructuring plan,” stated the publisher. “This plan will result in annual cost saving of at least $100 million and restructuring charges of $130 to $150 million.”

Apparently layoffs have already begun at some locations (including EA Tiburon, Black Box, Redwood Shores and Mythic, according to rumors) and EA expects to close “several” studios before the end of their fiscal year.

But don’t fret! “EA remains committed to delivering high quality games for consumers and leading the industry in the growing digital direct gaming sector.”

“EA is performing well, with quality, sales and segment share up so far this year,” CEO John Riccitiello stated today. “We are making tough calls to cut cost in targeted areas and investing more in our biggest games and digital businesses.”

During today’s conference call, EA’s John Schappert also noted that the company’s “bottom third” of unannounced games slated for release sometime in the upcoming fiscal year, which begins March 2010, had been cut from production as part of its cost reduction plan.

Under Riccitiello’s reign, Electronic Arts has managed to escape the public moniker of “Evil Empire” and had apparently won some good will from gamers and critics alike. Titles released during their fiscal year such as The Beatles: Rock Band, Madden NFL 10, and Dead Space: Extraction all scored over 80% on Metacritic.

I just hope Dead Space 2 is still in the cooker.

[Via: Gamesindustry.biz and Kotaku]