We've been hearing recession tales of woe for months now in the video game industry. Today is no different, as EA is posting a net loss of $234 million for its financial Q1 sales year over year versus $95 million in losses during the same quarter last year. Unsurprisingly, titles like The Sims 3 and EA Sports Active -- you know, EA's best selling Wii game ever -- helped to boost sales, but overall game sales were lower "due to slowed hardware sales."

Don't worry, though, as EA promises four new IPs for the holiday season (Dante's Inferno, Dragon Age: Origins, Brütal Legend and, presumably, Saboteur) and predicts increased revenue with tiny little titles like The Beatles: Rock Band and Madden 10 landing in the next few months. (We were so worried.)

This article was originally published on Joystiq.