EA delivers a record $1.9 billion in net revenue in the first quarter of 2023 | Pocket Gamer.biz
Electronic Arts has released its latest quarterly report, showcasing the company’s performance over Q1 of the 2023-2024 fiscal year (April 1 – June 30)
Net bookings for the quarter stood at $1.578 billion, representing a 21% year-on-year increase from $1.299 billion.
The company generated $1.924 billion in net revenue over the period, representing a 2.6% increase from $1.873 billion in the previous quarter, and a year-on-year increase of 9% from $1.767 billion.
However, mobile remained a relatively small part of EA’s business, contributing just $306 million to the total, representing a year-on-year decrease of 5%, and 4.1% decline compared to $317 million the previous quarter. This despite the ongoing success of FIFA Mobile.
In contrast, both the company’s PC and console interests saw 12% year-on-year increases. Only console revenue increased quarter-on-quarter, standing at $1.167 billion compared to $1.088 billion.
“EA delivered a record Q1, driven by strong momentum in EA Sports global football and Star Wars Jedi: Survivor,” said CEO Andrew Wilson. “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.”
“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 CFO Stuart Canfield. “Looking ahead, our teams remain focused on delivering long-term growth and profitability.”
Scoring goals
The report notes that the FIFA franchise – recently renamed EA Sports FC – saw a record quarter. The franchise’s mobile entry, FIFA Mobile, recently passed the $1 billion revenue threshold, officially solidifying it as one of the most successful mobile titles of all time.
“We continue to make material progress across our portfolio as we manage our business for long-term profitability,” said Canfield. “FIFA Mobile delivered record Q1 net bookings, almost doubling from the year prior, driven by historic levels of player engagement and new player acquisition. And although early in our launch, initial metrics are promising for our new title Lord of the Rings: Heroes of Middle-Earth.”
The company is forecasting a further increase in revenue in Q2, with expectations of approximately $1.825 billion to $1.925 billion, with net income in the range of $197 million to $243 million.
We listed EA as one of the top 50 mobile game makers of 2022. Our 2023 Top 50 Mobile Game Makers will be revealed at our Top 50 event, live from Gamescom in Cologne on August 24.
