By Yasin Ebrahim
Investing.com - Electronic Arts (NASDAQ:EA) raised its outlook on revenue after reporting Wednesday first-quarter results that beat analysts' forecasts, driven by outperformance from its recent game launches.
Net revenue is expected to be approximately $6.85 billion, up from prior guidance of $6.8 billion, though below Wall Street estimates of $7.44 billion.
Electronic Arts announced earnings per share of 71 cents on revenue of $1.34 billion. Analysts polled by Investing.com anticipated EPS of 62 cents on revenue of $1.28 billion.
Net bookings for the trailing twelve months was $6.136 billion, up 3% year-over-year.
"We delivered a big beat this quarter, primarily driven by outperformance from our recent launches coupled with continued strong execution in our live services," said COO and CFO Blake Jorgensen.
FIFA Ultimate Team matches were up 48% year-over-year for the quarter, while Season 9 for Apex Legends averaged more than 13 million weekly active players and set a new record for peak daily players across all seasons.
"We’re looking forward to the launches of our sports titles this quarter and Battlefield 2042 in time for the holidays. Based on our strong performance this quarter and supported by our ongoing confidence in our live services, we are raising our outlook for the full year. Our strategic position has never been stronger, with growth drivers in place for this year, next year, and beyond.”
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar