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Electronic Arts (EA) Q1 2024 earnings results beat Wall Street EPS estimates

EA is taking the good news wherever it's available for this financial quarter.

Ozzie Mejia

August 1, 2023 1:48 PM

Electronic Arts

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Electronic Arts (EA) has reported in with its latest quarterly earnings. While the company issued lower FY 2024 guidance than expected, it can hang its hat over at least beating Wall Street's EPS estimate, even if the actual revenue number fell just narrowly short.

The numbers can be found over on the Electronic Arts investor relations website. Net revenue for the company finished at $1.578 billion, up 21 percent year-over-year though it's just under Wall Street's $1.6 billion estimate. However, EA also reported a $1.47/share EPS estimate, which is well above Wall Street's projected $1.02/share figure.

"We had a strong start to the fiscal year, with net bookings growth of 21% year over year, highlighted by new releases, continued live services growth, healthy engagement, and new player acquisition," EA CFO Stuart Canfield said in the Q1 2024 earnings report. "Looking ahead, our teams remain focused on delivering long-term growth and profitability."

The shareholder outlook for EA doesn't appear to be so optimistic. EA's stock finished the August 1 trading day at $136.12/share which is down $0.23. The stock dipped further in after hours trading, down roughly $5.00/share as of the time of this post.

Be sure to follow Shacknews for the latest financial news from Electronic Arts. We will also carry the Electronic Arts Q1 2024 earnings call live on the Shacknews Twitch channel. If you miss it, catch the VOD over on the Shacknews YouTube channel.

Ozzie Mejia

Senior Editor

Ozzie has been playing video games since picking up his first NES controller at age 5. He has been into games ever since, only briefly stepping away during his college years. But he was pulled back in after spending years in QA circles for both THQ and Activision, mostly spending time helping to push forward the Guitar Hero series at its peak. Ozzie has become a big fan of platformers, puzzle games, shooters, and RPGs, just to name a few genres, but he’s also a huge sucker for anything with a good, compelling narrative behind it. Because what are video games if you can't enjoy a good story with a fresh Cherry Coke?