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Electronic Arts reports June quarter reached $1.29 billion in bookings, down 2.7%

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November 15, 2022
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Electronic Arts today reported revenue for its first fiscal quarter ended June 30, as ongoing operations for existing EA Sports games like FIFA helped it through a quarter with smaller releases.

Net bookings for the quarter were $1.299 billion, down 2.7% from $1.336 billion a year ago and above analyst consensus expectations of $1.26 billion. The slight drop from a year ago is not unusual, given the massive effect of the pandemic on games last year as more people stayed indoors and played more. Now that things have loosened up a bit, games have more competition.

“EA delivered strong first quarter results with our growing player network deeply involved in new games and live services,” said CEO Andrew Wilson in a statement. “Our growing EA Sports portfolio and proprietary IP franchises continue to strengthen the resilience and longevity of our business. Our teams remain focused on what they do best: creating great experiences that inspire new generations to play, watch, create, compete and connect.”

In an analyst talk, Wilson cited EA Sports and racing games as a growth hub, showing that sports fandom is becoming increasingly interactive, saying that “games are the social networks of the future.” He said sales of F1 22 have risen by double digits since its launch.

“Sport is the ultimate evergreen form of entertainment, and our new cross-media partnership with LaLiga illustrates perfectly how we continue to innovate at the forefront of sports, media and interactive content.”

The Redwood City, California-based video game giant reported GAAP net income of $311 million, or $1.11 per share, on revenue of $1.767 billion, compared to net income of $204 million, or 71 cents. per share, on revenue of $1.551 billion a year ago.

“Our FIFA franchise and the successful launch of F1 outperformed our net bookings, delivering another quarter above expectations,” CFO Chris Suh said in a statement. “Looking ahead, our focus on execution and disciplined investments across our broad portfolio of games and live services will drive our long-term growth.”

Analysts estimate that EA would report earnings per share of 28 cents on revenue of $1.26 billion.

For the second fiscal quarter ending September 30, EA is expected to report earnings per share of $1.49 on revenue of $1.87 billion.

In after-hours trading, the stock is up $130 a share, up 1%. Bookings reflect actual money coming into the business, while revenues do not include figures yet to be realized such as virtual goods purchased but not yet used in the game.

Analysts estimate that EA would report earnings per share of 28 cents on revenue of $1.26 billion. Michael Pachter, an analyst for Wedbush Securities, said EA did not revise its estimates for the full fiscal year, although it did better than expected in the first fiscal quarter. That means EA may be more pessimistic about the coming quarters. Investors probably won’t like that conservatism, Pachter said.

For the second fiscal quarter ending September 30, EA is expected to report earnings per share of $1.49 on revenue of $1.87 billion.

For the subsequent 12 months, EA reported net bookings of $7.478 billion, up 22% from the prior year.

Game user numbers

EA drops FIFA after this year.

EA said its player network has grown to nearly 600 million active accounts. It also noted that FIFA Ultimate Team engagement was up nearly 40% in the quarter from a year earlier among weekly and daily average players. FIFA Online 4 reached a new high in engagement and FIFA Mobile achieved the largest net booking quarter in history.

FIFA Mobile also achieved the highest net bookings quarter in history, with a record number of daily active users, up 10% from the last quarter. In an analyst call, chief operating officer Laura Miele said the company is optimistic about the role of mobile gaming in EA’s future.

Wilson said there was a slowdown in macro mobile gaming. But he noted that EA’s mobile business is doing well within this trend. He said the market is still working on Apple’s changes to the Identifier for Advertisers (IDFA), noting that the world is on vacation now that people are traveling again and that may have some impact on competition for gamers’ time.

“While the macro outlook remains fluid, each of us at Electronic Arts is focused on the
things we can control,” Wilson said. “Even amid market uncertainty, more people than ever are choosing games as their primary choice for entertainment. This is what they love to do most, and it’s how they want to connect and share experiences with people all over the world.”

Miele said EA was happy with the results so far from Apex Legends Mobile, which launched eight weeks ago.

A look ahead

EA has been going through a takeover wave this year with the acquisitions of Codemasters, Glu, Metalhead and the pending Playdemic deal. Some of these results have not yet been incorporated into the forecasts for the future.

For the upcoming second fiscal quarter ending Sept. 30, EA’s revenue is expected to be $1.85 billion to $1.9 billion, with expected net income of $220 million to $242 million. Earnings per share are expected to be 78 to 86 cents. Net bookings are expected to be $1.725 billion to $1.775 billion.

For the fiscal year ending March 31, 2023, EA expects sales to be between $7.6 and 7.8 billion. Net income is expected to be $793 million to $815 million. Diluted earnings per share are expected to be $2.79 to $2.87. Operating cash flow is expected to be $1.6 billion to $1.65 billion. EA has approximately 13,000 employees.

Miele said she was optimistic about the continued development of the next Skate game and that she was happy with the feedback the community had provided. Wilson declined to comment on rumors and speculation that Wilson was actively seeking to sell the company.

EA had a public divorce with FIFA over the major football license. But EA is moving on to its next game without the FIFA name and using EA Sports FC instead. It also announced today that it is entering into a multi-year partnership with LaLiga.

When asked if we’ve sent the end of game delays due to the remote circumstances associated with the pandemic, Miele said more people are coming back to the office and executives can again travel to visit offices. She said it’s important to have teams together at the beginning and end of production processes, but she noted that the teams are adapting.

“We believe we are in our new rhythm and will evolve over time,” she said.

The GamesBeat credo when talking about the game industry, is ‘where passion and business meet’. What does this mean? We want to tell you how important news is to you — not just as a decision maker in a game studio, but also as a game fan. Whether you’re reading our articles, listening to our podcasts, or watching our videos, GamesBeat helps you learn and have fun with the industry. Learn more about membership.

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