Video game company Electronic Arts Inc EA reported first-quarter financial results after the market close Tuesday. Here are the key highlights.
What Happened: Electronic Arts reported first-quarter revenue of $1.767 billion, a 13.9% year-over-year increase. The total came in ahead of a Street estimate of $1.26 billion, according to data from Benzinga Pro.
“EA delivered strong results in Q1 with our growing player network deeply engaged in new games and live services,” CEO Andrew Wilson said. “Our expanding EA Sports portfolio and owned IP franchises continue to power resilience and longevity in our business.”
The company’s FIFA franchise and F1 launch were cited as having strong net bookings in the first quarter. Bookings for the quarter came in “ahead of expectations,” CFO Chris Suh said.
FIFA Mobile delivered the highest net bookings quarter in company history and hit a record daily active user number, up 10% from the fourth quarter.
EA reported it ended the quarter with 600 million active accounts. Net bookings for the trailing 12 months were $7.478 billion, up 22% year-over-year.
What’s Next: The company expects full-year revenue to hit a range of $7.6 billion to $7.8 billion. Earnings per share for the full fiscal year are expected in a range of $2.79 to $2.87. Net bookings for the full fiscal year are expected to hit a range of $7.9 billion to $8.1 billion.
For the second quarter, EA is guiding for revenue of $1.85 billion to $1.9 billion and net bookings of $1.725 billion to $1.775 billion.
“Looking ahead, our focus on execution and disciplined investment across our broad portfolio of games and live services will fuel our long-term growth,” Suh said.
EA Price Action: Electronic Arts shares are up 1% to $129.67 in after-hours trading.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.