Total net revenue came in at $1.55 billion, a rise of six per cent year-on-year. However, net income was down 44 per cent to $204 million, with research, development, marketing and administration cost all increasing.
Operating cash flow was also negative ($143 million) compared to $365 million of positive cash flow generated in Q1 FY21. EA ended the quarter with $4.7 billion in cash and short-term investments.
Big games during the period include the release of Mass Effect Legendary Edition, F1 2021 and It Takes Two. EA also stated that Apex Legends continues to perform better than expected, with 13 million weekly active players, representing a 20 per cent increase.
Better than ever
Indeed, EA raised its full-year guidance. It expects FY22 net revenue to be $6.9 billion, with a net income of $456 million. These totals will include contributions from new acquisitions Codemasters and Glu Mobile, although not Playdemic as that deal has not yet closed.
In general, EA pointed to the continued strength of EA Sports. Its catalogue of sports titles have been played by 140 million users in the past 12 months, including over 31 million FIFA 21 players.
The company also highlighted that thanks to the Glu Mobile deal, it now operates more than 15 top mobile live services across the casual, sports, RPG, lifestyle and racing genres. This will be boosted by the release of new mobile versions of Apex Legends and Battlefield later in 2021.
As a result, EA Mobile's net bookings in Q1 FY22 were $272 million, up 20 per cent year-on-year.
Apex Legends Mobile is currently in soft launch with no official release date confirmed yet. Players in India and the Philippines can test it out now.