Electronic Arts (EA) Q3 2023 earnings results miss revenue expectations
Revenue fell below expectations, with EA lowering its full year revenue guidance below expectations as well.
Electronic Arts (EA) has shared its Q3 2023 earnings results and included in the report are details on revenue missing expectations. Previous expectations sat at $2.5 billion, with actual revenue reported at $1.88 billion. In addition to missing on revenue, EA lowered its full year revenue guidance below expectations as well, with FY 2023 expectations at $7.8 billion and updated guidance now sitting between $7.25 and $7.35 billion.
“In Q3, EA delivered high-quality experiences, driving record engagement across some of our biggest franchises and growing our player network. While our teams delivered for our players, the current macro environment impacted Q3 results,” said Andrew Wilson, CEO of Electronic Arts, in the earnings report. “As we navigate the short-term, we're focused on building for the long-term and remain confident about our future. With amazing talent, proven IP and growing player network, EA is operating from a position of strength.”
Adding to this, CFO, Chris Suh, remarked that, “As market uncertainty mounted during the quarter, we took measures to protect underlying profitability. We are prioritizing the player experience, directing investment to where it can have the most positive impact for our players and on growth.”
Other highlights in the report include live services and other net bookings for the trailing twelve months up 4 percent year-over-year and representing 75 percent of total net bookings. EA’s player network grew to over 650 million by the end of the quarter, with games like The Sims welcoming over 10 million new players during the quarter and metrics like daily active users, weekly active users, and monthly active users all up double digits year-over-year.
For more on EA’s earnings be sure to read through the full Q3 2023 report. Also catch up with other EA coverage today including the release of Star Wars Jedi: Survivor being delayed to late April, and Electronic Arts lowering its full year revenue guidance below expectations.
Morgan Shaver posted a new article, Electronic Arts (EA) Q3 2023 earnings results miss revenue expectations