Electronic Arts (EA) has shared its earnings report for Q1 2024, showing a miss on revenue and a beat on EPS expectations. In addition to chronicling the company’s financial performance over the past few months, the report also takes a look forward with guidance for the rest of the fiscal year. The guidance provided by Electronic Arts for FY 2024 is below what analysts were anticipating for the quarter.
The new guidance for the remainder of the fiscal year 2024 came from EA’s Q1 2024 earnings report. The company is projecting its revenue for FY 2024 to be between $7.3 billion to $7.7 billion. The lower end of this expectation would put revenue a bit below the analyst expectation of $7.6 billion. "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,” said Stuart Canfield, CFO of EA. “Looking ahead, our teams remain focused on delivering long-term growth and profitability.”
Electronic Arts (EA) stock took a dive after the release of its latest earnings report. The stock fell as low as $129.60 in after-hours trading after being priced at $136.12 when markets closed. It’s since been pretty volatile, falling and increasing dramatically as the report is spread and examined.
It’ll be interesting to see how EA performs in relation to its expectations over the remainder of the fiscal year. We’ll also be listening closely to EA’s quarterly earnings call for any additional information on this guidance. Stick with Shacknews for all the financial gaming news this week.