Video game company Electronic Arts Inc (NASDAQ: NASDAQ:EA) reported second-quarter financial results after market close Tuesday. Here are the key highlights.
What Happened: Electronic Arts reported second-quarter bookings of $1.754 billion, down from last year’s $1.851 billion total, according to Benzinga Pro data.
Net bookings for the trailing 12 months were $7.381 billion, up 4% year-over-year.
Live services were up 7% year-over-year, representing 73% of total net bookings over the last 12 trailing months.
EA had more than 600 million active accounts at the end of the second quarter.
In the second quarter, EA released FIFA 23, which the company said was the most successful launch in franchise history. FIFA 23 was played by 10.3 million people in the first week of its release. Four weeks after the game’s release, units sold are up 10% compared to FIFA 22.
“In Q2, EA delivered strong engagement and deeply immersive experiences across our portfolio, with new EA SPORTS titles and multi-platform live services powering the business,” EA CEO Andrew Wilson said. “More people than ever before are turning to games as their primary platform for social connection and creativity.”
EA CFO Chris Suh called the second quarter a “solid quarter” and said the company delivered on its revenue and profit commitments.
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What’s Next: For the third quarter, EA is guiding for revenue in a range of $1.825 billion to $1.925 billion and a net income of $120 million to $164 million.
Third-quarter net bookings are expected to be in the range of $2.425 billion to $2.525 billion.
For the full fiscal year, EA is guiding for revenue of $7.55 billion to $7.75 billion and net income in a range of $871 million to $934 million.
Full-year net bookings are expected to be in the range of $7.65 billion to $7.85 billion, up 2% to 4% year-over-year.
Earnings per share for the full year are expected to be in the range of $3.11 to $3.34.
“With EA’s unrivaled IP, talented teams and growing player network, we are well-positioned to lead the future of entertainment,” Wilson said.
EA Price Action: Electronic Arts shares were down 2.27% to $123.40 in after-hours trading Tuesday.
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