Published , by Ozzie Mejia
Published , by Ozzie Mejia
Electronic Arts (EA) has issued its earnings report for Q3 2024. If it feels like EA has released less major titles than usual, that's because it has. As a result, a vast portion of the company's earnings for the last quarter came from EA's live service titles. In fact, 73 percent of EA's Q3 2024 revenue came from live service sales through games like EA SPORTS FC, Madden NFL 24, Apex Legends, The Sims, and others.
"Our incredible teams delivered a strong Q3, entertaining hundreds of millions of people across our portfolio, driving deep engagement and record live services," EA CEO Andrew Wilson said in the EA Q3 2024 earnings report. "We remain focused on growing our biggest franchises and delivering new, innovative games and experiences for our global communities."
EA reported a GAAP revenue of $1.945 billion USD. Its non-GAAP revenue figure of $2.366 billion falls just short of Wall Street's $2.4 billion estimate. It does narrowly surpass the $1.91 billion that the company made in Q2 2024. Of those earnings, EA touted its $1.7 billion net bookings figure that came from live services. This stems partly from Madden NFL 24's five percent increase year-over-year and EA SPORTS FC's seven percent increase across that same period. It appears that the loss of the FIFA license and the EA SPORTS FC rebranding appears to have had no negative effect on the publisher's soccer series.
"EA SPORTS FC outperformed expectations again this quarter, delivering 7% year-overyear net bookings growth, as momentum continued through the FC brand transition," EA CFO Stuart Canfield added. "We will continue to build upon the strength within our portfolio, while prioritizing investments in our largest opportunities for multi-year growth."
While EA celebrated its current titles, there doesn't seem to be much indication of what's coming in the future. The Q3 2024 earnings slides do not have any upcoming titles listed. EA's stock has been down in after-hours trading following the Q3 2024 earnings report's release.
We'll continue to follow news from EA's latest earnings report. Be sure to listen to the Electronic Arts (EA) Q3 2024 earnings call and we'll be back with any major breaking stories.