Electronic Arts has revealed its financial results for the fiscal third quarter ending on December 31 which shows impressive performance propelled largely by its EA Sports FC division which surpassed expectations with a 7% growth in net bookings.
In the previous quarter, net bookings were approximately $1.820 billion, marking a 4% increase compared to the previous year. In after-hours trading, the company's stock dipped by 3.3% to $133.01 per share.
In Q3, net bookings reached $2.366 billion, marking a 1% increase year-over-year (or a 2% increase in constant currency). Live services and other net bookings for Q3 hit a new high of $1.712 billion, showing a 3% rise year-over-year (or a 5% increase in constant currency). Over the past twelve months, live services accounted for 73% of our business. EA Sports Madden NFL also achieved a 5% year-over-year growth in net bookings.
“Our incredible teams delivered a strong Q3, entertaining hundreds of millions of people across our portfolio, driving deep engagement and record live services,” said Andrew Wilson, CEO of EA. “We remain focused on growing our biggest franchises and delivering new, innovative games and experiences for our global communities.”
EA Sports FC at the forefront
EA reported that EA Sports FC garnered a total of 1.7 billion cross-play matches. The Sims 4 logged 1.8 billion hours of gameplay, marking a 30% increase from the previous year. In addition, Apex Legends Esports (ALGS) amassed 47.9 million hours of viewership.
In EA Sports Madden NFL, players won 6.4 million Super Bowls. Battlefield 2042 registered 763 million total matches played, while Star Wars Jedi: Survivor - which recently took home the Grammy for Best Score Soundtrack for Video Games - saw 4.8 billion enemies defeated.
“EA SPORTS FC outperformed expectations again this quarter, said Stuart Canfield, CFO of EA. “We will continue to build upon the strength within our portfolio, while prioritizing investments in our largest opportunities for multi-year growth.”
The quarter's net revenue amounted to $1.945 billion. Net cash provided by operating activities for the quarter totalled $1.264 billion, reflecting a 13% increase year-over-year. Over the trailing twelve months, net cash provided by operating activities reached a record $2.352 billion.
During the quarter, EA repurchased 2.5 million shares for $325 million, bringing the total for the trailing twelve months to 10.4 million shares for $1.300 billion. EA announced a quarterly cash dividend of $0.19 per share for the Company's common stock. The dividend will be distributed on March 20, 2024, to shareholders of record as of the close of business on February 28, 2024.
