Electronic Arts (NASDAQ:EA) reported its Q2 results, with EPS of $1.07 coming in worse than the Street estimate of $1.36. Net bookings were $1.75 billion, worse than the Street estimate of $1.81 billion.
For Q3/23, the company anticipates net bookings to be in the range of $2.425-2.525 billion, compared to the Street estimate of $2.6 billion. For the full 2023 year, the company lowered its net bookings guidance to a range of $7.65-7.85 billion, compared to the Street estimate of $7.97 billion. Full-year guidance cut is attributed to FX. The cut is well within investor expectations given the well-understood FX movements and weakness in mobile gaming.
The company’s sports franchises were highlights of the quarter. Both delivered record-breaking metrics: FIFA had its biggest launch on console/PC in the franchise’s history with 6% growth in FUT (FIFA Ultimate Team) players; Madden UT and net bookings are both up double-digits.