EA bookings drop 5% to $1.754B in September quarter

by | Nov 1, 2022 | Technology

Did you miss a session from GamesBeat Summit Next 2022? All sessions are now available for viewing in our on-demand library. Click here to start watching.

Electronic Arts reported earnings today for the second fiscal quarter that ended September 30, as ongoing operations for existing EA Sports games like FIFA and Madden helped it through a quarter with smaller releases.

EA reported net income on a GAAP basis of $299 million, or $1.07 a share, compared with $294 million, or $1.02 a share, in the same quarter a year ago. Net bookings were $1.754 billion, down from $1.851 billion a year earlier. EA noted that the strong dollar means that foreign currency exchange will have a $200 million negative effect.

GAAP-based net revenue was $1.9 billion, up from $1.83 billion a year earlier. In after-hours trading, the stock is up at $122.94 a share, down 2%.

It’s unclear why the stock is down. Revenue at the midpoint of the guide at $1.754 billion (versus the guide from the company for analysts was $1.725 billion to $1.775 billion), but it’s a bit below consensus of $1.803 billion, said analyst Michael Pachter of Wedbush Securities.

The adjusted earnings per share of $1.45 was better than the guidance ($1.25 to $1.35) and better than the analyst consensus of $1.37. But Pachter noted EA lowered its full-year guidance to $7.65 billion to $7.85 billion from $7.9 billion to $8.1 billion prior. They said foreign currency translation lowered their initial guide by $200 million, so nominally, they are barely tweaking the guide, Pachter said. Th …

Article Attribution | Read More at Article Source

Share This