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Electronic Arts (NASDAQ: EA) beat fiscal first-quarter forecasts and offered an in-line outlook, citing strong revenue growth, wider margins and lower expenses.
The computer game company's profits grew to $335 million, or an adjusted $0.19, from a year-earlier $222 million, or an adjusted loss of $0.40 per share.
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Revenue increased 69 percent to $1.21 billion from $949 million last year. Analysts expected a loss of $0.04 per share on revenue of $713.2 million.
The company forecast fiscal second-quarter adjusted earnings of $0.50 per share on adjusted revenue of $965 million. Analysts expect $0.51 on revenue of $1.14 billion.
Net revenue in the current quarter will include an additional $175 million from a change in deferred net revenue from online-enabled games, the company said.
Electronic Arts traded after-hours recently at $38.55, up 0.34 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.