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Electronic Arts Q1 2024 earnings report revealed that the company’s quarterly net bookings totaled $1.578 billion, up 21% year-on-year. Net revenue totaled $1.924 billion for the quarter, up roughly 9% from Q1 2023.
“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.”
Live services and other net bookings account for the majority of EA’s net bookings overall. In Q1 2024, this category brought in $1.177 billion or 75% of net bookings, up 4% year-on-year. EA Sports FIFA’s net bookings accelerated in Q1, setting a new record for the quarter.
However, live services net bookings fell 27% from Q4 2023’s $1.622 billion. Similarly, the category’s share of net bookings is down from representing 83% of net bookings last quarter. Part of this decline is expected due to EA’s release calendar. EA highlighted that it released five new titles and 145 content updates across 37 titles this quarter.
Full game net revenue totaled $443 million, up 30% from Q1 2023. EA chose to delay the release of Jedi Survivor by six weeks, which placed its release in Q1 2024 instead of Q4 2023. This played a major role in this revenue increase. EA highlighted its critical acclaim and players spending more time in-game than its predecessor.
Outlook and reception
EA included its expectations for FY 2024 in its report. The publisher expects net revenue to total between $7.3 billion and $7.7 billion. Net bookings are expected to fall in the same range.
These estimates appear to be conservative. Analyst expected revenue to fall at the upper end of this range, with average estimates at $7.61 billion.
After hours trading for EA has seen a slight decline in the publisher’s stock price. At the time of writing, the stock is down 3.5% from when the market closed.
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Author: Jordan Fragen
Source: Venturebeat
