Video game firm Electronic Arts Inc. (ERTS: sentiment, chart, options) said today that it's ramping up job cuts in order cut costs. The company announced a 6% workforce reduction in October, but raised the figure this morning to 10% of its payroll, or about 1,000 jobs. Additionally, ERTS said it will trim its product portfolio for the fiscal year starting in April; the company plans to narrow its focus toward higher-margin games.

These restructuring efforts are expected to save ERTS approximately $120 million annually, with restructuring charges of $55 million to $65 million affecting the next several quarters.

Investors seem enthusiastic about the cost-cutting efforts, with ERTS up 2.7% at midday. However, the struggling stock remains trapped beneath resistance from its 10-day moving average, which has conspired with its 20-day counterpart to push the shares lower since early September.