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Video game company Electronic Arts Inc (NASDAQ:EA) reported first-quarter financial results after market close Tuesday.
Here are the key highlights.
What Happened: Electronic Arts reported first-quarter net bookings of $1.26 billion, down from $1.58 billion in last year's first quarter total of $1.58 billion, according to data from Benzinga Pro.
The net bookings came in ahead of company guidance of $1.25 billion. Net revenue for the quarter was $1.66 billion, compared to $1.92 billion in last year's first quarter.
Electronic Arts said Madden NFL 24, FC Online and FC Mobile had strong performances in the first quarter.
The company saw EA Sports FC have tens of millions of new fans engage with the franchise in the quarter thanks to real-world tournaments and events.
For the EA Sports Madden NFL franchise, the company saw weekly average users and total net bookings that were up double digits year-over-year.
The company repurchased 2.8 million shares for $375 million in the first quarter as part of an existing stock repurchase program.
"EA Delivered a strong start to FY25, beating net bookings guidance as we continue to execute across our business," EA CEO Andrew Wilson said. "Our focus on delivering bigger, bolder, and more connected experiences for our players has never been sharper and is illustrated by the record-breaking launch of EA SPORTS College Football 25 as we head into another historic Q2 sports season at EA."
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What's Next: Since the first quarter ended, the company released EA SPORTS College Football 25. The highly anticipated game saw over five million unique players in its first week, including over 500,000 playing as part of the EA Play trial.
For the full fiscal year, the company expects revenue to be in a range of $7.1 billion to $7.5 billion. Full year net bookings are expected to be in a range of $7.3 billion to $7.7 billion. Diluted earnings per share are expected to be in a range of $3.34 to $4.00 for the full fiscal year.
Second-quarter net revenue is guided to be in a range of $1.9 billion to $2.0 billion. Second-quarter net bookings are guided to be in a range of $1.95 billion to $2.05 billion. Earnings per share for the second quarter are expected to be in a range of 76 cents to 93 cents.
"Looking ahead, the remarkable success of our launch week for College Football, combined with the upcoming launches for EA SPORTS Madden NFL, EA SPORTS FC and Dragon Age: The Veilguard, is building momentum for FY25 and beyond," EA CFO Stuart Canfield said. "We are well positioned to deliver our multi-year financial objectives."
EA Price Action: Electronic Arts shares are up 1% to $151.00 in after-hours trading Tuesday, versus a 52-week trading range of $117.47 to $150.91.
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Posted In: EA
