Press release
Electronic Arts Reports Strong Q1 FY24 Results
Record Q1 Net Bookings, up 21% year-over-year, driven by EA SPORTS FIFA Momentum and Star Wars Jedi: Survivor REDWOOD CITY, Calif.--(BUSINESS WIRE)--
About this update from Electronic Arts Inc.
[{"type":"text","content":"\nRecord Q1 Net Bookings, up 21% year-over-year, driven by EA SPORTS FIFA Momentum and Star Wars Jedi: Survivor\n\n\n REDWOOD CITY, Calif.--(BUSINESS WIRE)--\nElectronic Arts Inc. (NASDAQ: EA) today announced preliminary financial results for its first quarter ended June 30, 2023.\n\n\n“EA delivered a record Q1, driven by strong momentum in EA SPORTS global football and Star Wars Jedi: Survivor,” said Andrew Wilson, CEO of EA. “Our exceptional teams are creating innovative entertainment experiences across our multi-year pipeline, starting with the highly anticipated, culture defining titles Madden NFL 24 and EA SPORTS FC 24.”\n\n\n\"We had a strong start to the fiscal year, with net bookings growth of 21% year over year, highlighted by new releases, continued live services growth, healthy engagement, and new player acquisition,” said Stuart Canfield, CFO of EA. “Looking ahead, our teams remain focused on delivering long-term growth and profitability.”\n\n\nSelected Operating Highlights and Metrics1\n\n\n\nNet bookings2 for Q1 was $1.578 billion, up 21% year-over-year (up 25% in constant currency).\n\n\n\nLive services and other net bookings for Q1 was $1.177 billion, up 4% year-over-year (up 7% in constant currency) and represented 75% of total net bookings.\n\n\n\nOur teams continue to execute across the business — launching five new high-quality releases, while providing over 145 content updates across 37 titles during the quarter.\n\n\n\nEA SPORTS FIFA net bookings growth accelerated year over year, delivering a record Q1 for the franchise, and further demonstrating the power and potential of a connected massive online community.\n\n\n\nStar Wars Jedi: Survivor launched to critical acclaim and commercial success. The game is entertaining millions of players around the world, and with multiple “best of 2023” list accolades, and a blockbuster story, we’re seeing players spend more time in-game than its predecessor.\n\n\n\nSelected Financial Highlights and Metrics\n\n\n\nNet revenue was $1.924 billion for the quarter.\n\n\n\nNet cash provided by operating activities was $359 million for the quarter and $1.987 billion for the trailing twelve months.\n\n\n\nEA repurchased 2.6 million shares for $325 million during the quarter, bringing the total for the trailing twelve months to 10.5 million shares for $1.300 billion.\n\n\n\nDivid...