Sat. Mar 2nd, 2024

EA Sports

Electronic Arts

Electronic Arts (EA) reported it saw record live services sales, led by its “EA Sports FC,” in the company’s final quarter in 2023.

Per EA, the title “outperformed expectations again this quarter, delivering 7% year-over-year net bookings growth” and pushing EA to $1.7 billion in total net bookings from live-service games from Oct. 1-Dec. 31 2023.

“EA Sports Madden NFL” net bookings grew by 5% year over year.

Overall revenue from live services at EA stood at $1.3 billion for the quarter, which the company counts as its third-quarter for fiscal year 2024. Full game revenue was $618 million.

“Net bookings” differs from revenue in that its accounting for the net amount of products and services sold digitally or physically in the quarter. Per EA, the figure is calculated based on total net revenue added to the change in deferred net revenue for online-enabled games.

“Our incredible teams delivered a strong Q3, entertaining hundreds of millions of people across our portfolio, driving deep engagement and record live services,” EA CEO Andrew Wilson said in a letter to shareholders. “We remain focused on growing our biggest franchises and delivering new, innovative games and experiences for our global communities.”

Net income was $290 million for the quarter. Operating cash flow was $1.3 billion.

Wall Street forecast earnings per share (EPS) of $2.93 on $2.39 billion in revenue, according to analyst consensus data provided by Refinitiv. EA reported adjusted EPS of $1.07 on $1.9 billion in revenue.

EA stock closed Tuesday at $137.55 per share. The regular U.S. stock markets will reopen at 9:30 a.m. ET.

Wilson and other EA executives will host a conference call at 5 p.m. ET to discuss the quarter in greater detail.

More to come…

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