(Bloomberg) -- Electronic Arts Inc., maker of the Battlefield video games, rose in extended trading after reporting better-than-expected first-quarter results, buoyed by product launches and live services, and raising its full-year outlook.
- EA expects full-year adjusted revenue of $7.4 billion, in line with the average estimate of analysts. It’s forecasting earnings of $6.40 a share excluding items for the year ending next March, slightly below the $6.45 a share average of analysts’ estimates.
- The company beat handily Wall Street estimates for fiscal first-quarter revenue and earnings, and its outlook for the current quarter topped views. EA projects adjusted revenue of $1.73 billion this period, while analysts estimate $1.54 billion. The company expects second-quarter adjusted earnings of $1.10 a share, versus analysts’ projections of 84 cents.
- See details here.
- Existing games have been seeing strong user engagement. FIFA Ultimate Team matches are up 48% year-over-year for the quarter. Season 9 for Apex Legends set a new record for peak daily players across all seasons, the company said.
- The new, highly anticipated Battlefield 2042 game will debut in time for the holidays, Electronic Arts said.
- First-quarter adjusted revenue totaled $1.34 billion, beating estimates of $1.29 billion. Profit, excluding some items, came to 79 cents, exceeding projections of 62 cents.
- Quarterly sales and profit fell from a year ago with the industry hitting a slow patch following a surge in play last year when people locked down because of the Covid-19 pandemic.
- The stock rose as much as 3% to $144.11 in extended trading. It was littled changed at $139.91 at the close in New York and was down 2.6% this year.
- Read the statement.
- See EA estimates.
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