Electronic Arts Results Beat in Q1

© Reuters

By Yasin Ebrahim

Investing.com – Electronic Arts (NASDAQ:) raised its outlook on revenue after reporting Wednesday first-quarter that beat analysts’ forecasts, driven by outperformance from its recent game launches.

Net revenue is expected to be approximately $6.85 billion, up from prior guidance of $6.8 billion, though below Wall Street estimates of $7.44 billion.

Electronic Arts announced earnings per share of 71 cents on revenue of $1.34 billion. Analysts polled by Investing.com anticipated EPS of 62 cents on revenue of $1.28 billion.

Net bookings for the trailing twelve months was $6.136 billion, up 3% year-over-year.

“We delivered a big beat this quarter, primarily driven by outperformance from our recent launches coupled with continued strong execution in our live services,” said COO and CFO Blake Jorgensen.

FIFA Ultimate Team matches were up 48% year-over-year for the quarter, while Season 9 for Apex Legends averaged more than 13 million weekly active players and set a new record for peak daily players across all seasons.

“We’re looking forward to the launches of our sports titles this quarter and Battlefield 2042 in time for the holidays. Based on our strong performance this quarter and supported by our ongoing confidence in our live services, we are raising our outlook for the full year. Our strategic position has never been stronger, with growth drivers in place for this year, next year, and beyond.”

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  United sends 14,000 furlough warnings; unions seek $15B new U.S. aid for airlines

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here