EA's revenue in the third fiscal quarter was US$1.945 billion, with net profit of US$290 million, a year-on-year increase of 42%

In the morning news on January 31st, Beijing time, Electronic Arts (EA) today announced the company’s third quarter financial report for fiscal year 2024.

The report shows that Electronic Arts’ total net revenue in the third fiscal quarter was US$1.945 billion, compared with US$1.881 billion in the same period last year, a year-on-year increase; not in accordance with U.S. GAAP, Electronic Arts’ third fiscal quarter net bookings were US$2.366 billion, compared with US$2.342 billion in the same period last year, a year-on-year increase of 1%, excluding the impact of exchange rate changes, a year-on-year increase of 2%; net profit was US$290 million, a year-on-year increase of 1%. An increase of 42% compared to US$204 million in the same period.

Both Electronic Arts’ third-quarter net bookings and earnings per share failed to meet Wall Street analysts’ previous expectations, and its performance outlook for the first quarter and full-year fiscal 2024 also fell short of expectations, leading to Shares fell nearly 2% after hours.

Main results:

In the fiscal quarter ended December 31, Electronic Arts Net profit was US$290 million, an increase of 42% compared with US$204 million in the same period last year; diluted earnings per share was US$1.07, an increase compared with US$0.73 in the same period last year, but this performance still failed to reach analysts expected. According to data provided by Yahoo Finance, 20 analysts had expected Electronic Arts to earn $2.93 per share in the third quarter.

Electronic Arts’ total net revenue in the third fiscal quarter was $1.945 billion, compared with $1.881 billion in the same period last year, a year-on-year increase. Among them, EA’s net revenue from the full game business in the third fiscal quarter was US$618 million, compared with US$622 million in the same period last year; net revenue from streaming services and other businesses was US$1.327 billion. US dollars, compared with US$1.259 billion in the same period last year.

By platform, Electronic Arts’ net revenue from game console platforms in the third fiscal quarter was US$1.229 billion, an increase of 7% compared with US$1.152 billion in the same period last year; from PC and other platforms Net revenue was US$420 million, a decrease of 3% compared with US$435 million in the same period last year; net revenue from the mobile platform was US$296 million, an increase of 1% compared with US$294 million in the same period last year.

Not in accordance with U.S. GAAP, EA's net bookings (net bookings) in the third fiscal quarter were US$2.366 billion, compared with US$2.342 billion in the same period last year, a year-on-year increase of 1%, excluding exchange rates The impact of the change was a year-on-year increase of 2%, a performance that failed to meet analyst expectations. According to data provided by Yahoo Finance, 16 analysts had expected EA's net bookings to reach $2.39 billion in the third fiscal quarter.

Electronic Arts’ cost of revenue in the third fiscal quarter was US$529 million, compared with US$568 million in the same period last year, a year-on-year decrease. Electronic Arts' third-quarter gross profit was $1.416 billion, up from $1.313 billion a year earlier.

Electronic Arts’ total operating expenses for the fiscal third quarter were $1.051 billion, up from $1.024 billion a year earlier. Among them, R&D expenses were US$584 million, compared with US$556 million in the same period last year; marketing and sales expenses were US$276 million, compared with US$256 million in the same period last year; general and administrative expenses were US$170 million, compared with US$170 million in the same period last year. Amortization expense of intangible assets was US$21 million, compared with US$50 million in the same period last year.

Electronic Arts’ fiscal third-quarter operating profit was $365 million, an increase from $289 million in the same period a year earlier.

Electronic Arts’ net cash from operating activities in the third fiscal quarter was $1.264 billion, an increase of 13% compared with the same period last year. Over the last 12 months, EA had $2.352 billion in net cash from operating activities.

In the third fiscal quarter, Electronic Arts repurchased 2.5 million shares, and the total amount of funds used to repurchase shares was $325 million; in the past 12 months, Electronic Arts repurchased a total of 10.4 million shares were purchased, and the total amount of funds used to repurchase shares was US$1.300 billion.

Electronic Arts announced that the company will pay a cash dividend of $0.19 per share to common shareholders. The dividend will be paid on March 20, 2024 to all shareholders of record as of the close of business on February 28, 2024. Disbursed to shareholders.

Performance Outlook:

Performance Outlook for the Fourth Quarter of Fiscal Year 2024:

Electronic Arts expects net revenue for the fourth fiscal quarter of Fiscal Year 2024 Will reach between US$1.625 billion and US$1.925 billion; net profit is expected to be between US$54 million and US$183 million; diluted earnings per share is expected to be between US$0.20 and US$0.68, lower than analyst expectations; net bookings It is expected to reach between US$1.625 billion and US$1.925 billion, with an average of US$1.775 billion, which is lower than analysts' expectations; revenue costs are expected to reach between US$360 million and US$410 million; operating expenses are expected to reach US$1.125 billion. to US$1.205 billion; pretax profit before income tax provisions is expected to be between US$158 million and US$325 million.

According to data provided by Yahoo Finance Channel, 17 analysts had previously expected on average that Electronic Arts’ net bookings in the fourth fiscal quarter would reach US$1.82 billion, and 20 analysts had previously expected on average that Electronic Arts’ fourth fiscal quarter net bookings would reach US$1.82 billion. Earnings per share will be $1.56.

Full-year performance outlook for fiscal year 2024:

Electronic Arts estimates that net revenue in fiscal year 2024 is expected to reach between US$7.408 billion and US$7.708 billion; net profit is expected to reach US$1.145 billion to US$1.274 billion Between US$1.95 billion and US$2.10 billion; diluted earnings per share are expected to be between US$4.21 and US$4.68, lower than analysts' expectations; operating cash flow is expected to be between US$1.950 billion and US$2.100 billion; net bookings are expected to reach US$7.389 billion to US$7.689 billion, with an average of US$7.539 billion, lower than analyst expectations; revenue costs are expected to be between US$1.713 billion and US$1.763 billion; operating expenses are expected to be between US$4.274 billion and US$4.351 billion ; Pre-tax profit excluding income tax provisions is expected to be between US$1.487 billion and US$1.654 billion.

According to data provided by Yahoo Finance Channel, 22 analysts had previously expected on average that Electronic Arts’ net bookings in fiscal year 2024 would reach US$7.64 billion, and 23 analysts had previously expected on average that Electronic Arts’ net bookings per share in fiscal year 2024 would be The gain will be $7.14.

Stock price changes:

On that day, Electronic Arts’ stock price fell $1.03 in regular trading, closing at $137.55, a decrease of 0.74%. In subsequent after-hours trading as of 5:50 pm ET on Tuesday (6:50 am on Wednesday, Beijing time), EA shares fell another $2.58, or 1.88%, to $134.97. Over the past 52 weeks, Electronic Arts' high price was $143.47 and its low price was $108.53.

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