Electronic Arts Inc. shares fluctuated in the extended session Tuesday after the videogame publisher reported solid revenue growth that comfortably beat Wall Street’s forecast. The company posted strong first-quarter sales despite broader concerns that the pandemic boom in videogames could disappear this year. EA
stock closed down 1.5% at $128.89 in the regular session.
The videogame giant reported net income of $311 million, or earnings of $1.11 a share, compared to net income of $204 million, or earnings of 71 cents a share in the same period last year. The company reported revenue of $1.767 billion, compared with revenue of $1.551 billion in the prior year’s quarter. Analysts tracked by FactSet had forecast revenue of $1.259 billion and earnings of 89 cents a share, or 33 cents a share on an adjusted basis. Also see: The pandemic boom in videogames is expected to disappear in 2022 Bookings, which account for deferred revenue, reached $7.478 billion over the trailing past 12 months, a 22% year-over-year increase according to Electronic Arts. Net bookings for the quarter were $1.299 billion, compared with $1.336 billion in the year-ago quarter. Electronic Arts’ FIFA franchise and the successful launch of the company’s latest “F1” game drove net bookings outperformance, according to the company’s CFO Chris Suh, in a statement. The publisher of the “Madden NFL” franchise and action titles like “Apex Legends” and “Battlefield 2042” als …