2023-05-10 09:34:03 ET
Electronic Arts ( NASDAQ: EA ) shares rose 3% in pre-market trading Wednesday as Wall Street reacted positively to the videogame publisher's fourth-quarter results blowing past expectations and its upbeat business outlook.
Late Tuesday, EA ( EA ) said that for the period ending March 31, it earned $1.78 a share, excluding one-time items, on bookings of $1.95B, which topped analysts expectations for a profit of $1.34 a share, and bookings of $1.73B in the quarter ended March 31. Analysts polled by FactSet had expected EA ( EA ) to post earnings of $1.34 a share on sales of $1.75 billion.
EA's ( EA ) results were highlighted by its FIFA 23 franchise, which reported bookings growth of 31% from a year ago. The company said that in the six months since its release FIFA 23 has already surpassed the lifetime sales of FIFA 22 . The FIFA 23 results are also notable in that the game will be the last in EA's ( EA ) relationship with FIFA after the company failed to strike a new licensing deal with the world soccer association.
Going forward, EA ( EA ) forecast first-quarter earnings, excluding one-time items, of 98 cents to $1.14 a share, with net bookings of $1.5B to $1.6B, and total revenue in a range of $1.825B to $1.925B.
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EA shares climb on strong earnings and bookings outlook