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Electronic Arts Announces “Strong” Financial Results Driven by FIFA & “Successful Launch” of F1 22

F1 22 Electronic Arts Financial Results
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Electronic Arts Announces “Strong” Financial Results Driven by FIFA & “Successful Launch” of F1 22

Electronic Arts released its financial results for the first of the fiscal year 2023, related to the period between April 1 and June 31, 2022.

Today Electronic Arts released its financial results for the first of the fiscal year 2023, related to the period between April 1 and June 31, 2022.

You can find a summary of the publisher’s financial performance in the table below.

Said results are defined “strong” with net bookings ahead of expectations. Both net revenue and income were up year-on-year.

The press release also includes the traditional statement from chief executive officer Andrew Wilson.

“EA delivered strong results in Q1 with our growing player network deeply engaged in new games and live service. Our expanding EA SPORTS portfolio and owned IP franchises continue to power resilience and longevity in our business. Our teams remain focused on what they do best – making amazing experiences that inspire new generations to play, watch, create, compete and connect.”

Chief operating and financial officer Chris Suh also commented, mentioning that FIFA and the successful launch of F1 22 drove the overperformance of the company’s sales, bringing results ahead of expectations.

“Our FIFA franchise and the successful launch of F1 drove our net bookings outperformance, delivering another quarter ahead of expectations. Looking ahead, our focus on execution and disciplined investment across our broad portfolio of games and live services will fuel our long-term growth.”

We then get a list of highlights of EA games’ performance and more financial metrics for the quarter. We hear that the EA Player Network grew to almost 600 million active users, while FIFA Ultimate Team engagement grew almost 40% year-on-year in both weekly and daily average users.

Selected Operating Highlights and Metrics

  • Net bookings for the trailing twelve months was $7.478 billion, up 22% year-over-year.
  • Live services and other net bookings for the trailing twelve months were up 20% year-over-year and represent 73% of total net bookings.
  • The EA player network grew to nearly 600 million active accounts at quarter end.
  • FIFA Ultimate Team engagement during the quarter was up nearly 40% year-over-year in weekly and daily average players.
  • In Q1, FIFA Mobile delivered the highest net bookings quarter in history, with record high DAUs, up 10% from last quarter.

Selected Financial Highlights and Metrics

  • Net cash (used in)/provided by operating activities was $(78) million for the quarter and $1.964 billion for the trailing twelve months.
  • EA repurchased 2.5 million shares for $320 million during the quarter, bringing the total for the trailing twelve months to 9.7 million shares for $1.295 billion.
  • EA paid a cash dividend of $0.19 per share during the quarter, for a total of $53 million.

If you’d like to compare with historical data, you can check out the results for the previous quarter, which were announced in May.

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