"I think that [console] arms race, while I can never say that it's done, the relevance of doing that faster.. seems to have subsided," said Riccitiello.

Riccitiello noted that while new platforms such as the iPhone are providing reasons for publishers like EA to invest in research and development, he doesn't expect the traditional console cycle to turn over anytime soon.

"Those big changes are not something we're seeing in the immediate term, nor are we expecting it in the immediate term," he added.