Electronic Arts continues to grow and hits its financial targets, whereas many other key industry players and publishers are reporting a decline in revenue and bookings. The CEO of the gaming and publishing giant, Andrew Wilson, said EA SPORTS & racing are the two main drivers for the growth they’ve observed for the Q1 financial year 2023.
According to the report, EA Games’ revenue for Q1 FY 2023 is $1.77 billion, seeing 14% growth year-over-year. However, bookings saw a decrease of 3% down to $1.3 billion. The firm announced an income of $311 million, up by 52% for the three-month period that ended on June 30.
The lion’s share of the revenue belongs to FIFA Ultimate Team, as per usual. Wilson said “Our EA SPORTS FIFA franchise is exceptionally strong on a global basis, with record business for Q1 in Asia. FUT engagement is growing nearly 40% year over year, which is well above the industry average.” and added that this fall will see the most expansive FIFA game ever. It will be interesting to see how FIFA 23 will do, as FIFA and EA announced the end of a nearly three-decade partnership last May.
EA’S Q1 FT23 Highlights:
- Total net bookings for the trailing 12 months were $7.478 billion, up 22%.
- Liver services and other net bookings for the trailing 12 months were up 20% and represent 73% of total net bookings.
- Net cash provided by operating activities was $1.964 billion for the trailing 12 months.
- The EA Player network grew to nearly 600 million active accounts at quarter end.
Wilson also announced that EA Sports will have a new cross-media partnership with La Liga, Spain’s first division football tournament.
EA Games is quite happy with how F1 22 has been performing as well, as the game was one of the carrying titles for the gaming giant for this quarter. Wilson said, “F1 22 sales are up double-digits launch to-date, as the sport continues to boom, especially with younger fans.”
Electronic Arts is one of the very few video game companies to hit its quarterly goals during the last three-month period, as most other have seen considerable declines, but experts expected this considering how post-covid lockdowns are would see people go out more often and spend less time on their devices.