I am surprised its going free to play so early the numbers may be down but still the profits are healthy for EA/Bioware.
I read statements like this a lot and I think there is a common misconception out there that gross revenue/profit is all that matters to a business. I had the misfortune of working for a large corporation after college, and my corporate masters were far more interested in quarterly trends. As strange as it may sound, management would be happier to lose money with positive growth than to make money with negative growth.
SWTOR has lost 50% of it's revenue over two quarters. Even if you're making a profit, that kind of trend is a disaster.