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Electronic Arts Boosts Outlook, Citing Strong Holiday Game Slate

Tuesday, November 1, 2016 13:49
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(Before It's News)

electronic-arts-ea-logoVideo game publisher Electronic Arts Inc. (NASDAQ:EA) late today posted in-line earnings results and boosted its full-year outlook, reflecting stronger-than-expected performances from its new games.

The Redwood City, California-based company reported a fiscal Q2 net loss of $0.13 per share, in-line with analyst expectations. Revenues rose 10.2% from last year to $898 million. Non-GAAP revenues were $1.098 billion, beating analysts’ estimate of $1.085 billion.

Looking ahead, EA boosted its full-year 2017 earnings forecast to $2.69 per share, up from a prior outlook of $2.56. On average, Wall Street analysts are looking for $2.64 per share for the year. EA also slightly lifted its revenue outlook to $4.775 billion from $4.75 billion.

EA said that the Battlefield™ 1 total player base for the first week post-launch was nearly double that of Battlefield 4™, and that number continues to grow. Meanwhile, in the first week of FIFA 17, 20% more players were engaged in the game compared to the first week of FIFA 16 last year. Net sales from FIFA, Madden NFL and Hockey Ultimate Team™ are up a combined 15% from the year ago period, but there was no word whether Madden was suffering from the NFL’s approximate 11% TV ratings decline this year.

The company commented via press release:

“We are in an outstanding position for the quarter ahead, with two of the highest-rated games of this console generation in Battlefield 1 and Titanfall 2, global competitive gaming tournaments underway, and our first virtual reality experiences coming soon. Across all platforms, this holiday season will be a fantastic time to play.”

“Net sales in the quarter were better than expected driven by outperformance in FIFA, and supported by strong year-on-year growth in mobile,” said Chief Financial Officer Blake Jorgensen. “We are raising our annual guidance today based on the strength of our holiday slate and FIFA 17’s strong performance to date.”

Electronic Arts shares fell $2.09 (-2.68%) to $75.75 in after-hours trading Tuesday. Prior to today’s report, EA had risen 13.27% year-to-date.

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