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EA Announces “Solid” Financial Results Driven by FIFA 23 & Live Services

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EA Announces “Solid” Financial Results Driven by FIFA 23 & Live Services

FIFA 23 and live services games are the engine pushing Electronic Arts’ financials toward another solid quarter.

Today Electronic Arts released its financial results for the second quarter of the fiscal year 2023, related to the period between July 1 and September 30, 2022.

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

The results were defined “solid” but revenue was slightly down year-on-year. Yet, that’s mostly due to the fact that F1 2022 launched in Q1 this year while it did in Q2 last year. Live services took the lion’s share of total revenue as usual.

The press release also included the traditional comment from CEO Andrew Wilson, which praised the performance of EA Sports games and live services.

“In Q2, EA delivered strong engagement and deeply immersive experiences across our portfolio, with new EA SPORTS titles and multi-platform live services powering the business, More people than ever before are turning to games as their primary platform for social connection and creativity. With EA’s unrivaled IP, talented teams, and growing player network, we are well-positioned to lead the future of entertainment.”

CFO Chris Suh also commented, calling the results a “solid quarter.”

“Q2 was a solid quarter. We again delivered on our revenue and profit commitments, driven by our EA SPORTS portfolio and our multi-platform live services business. With our resilient business model, disciplined execution, and healthy underlying fundamentals, we are poised to deliver long-term growth.”

Electronic Arts also published a set of metrics and highlights of its business results, which you can read below.

Selected Operating Highlights and Metrics

  • Net bookings for the trailing twelve months was $7.381 billion, up 4% year-over-year.
  • Live services and other net bookings for the trailing twelve months were up 7% year-over-year and represent 73% of total net bookings.
  • The EA player network grew to more than 600 million active accounts at quarter end.
  • EA SPORTS FIFA 23 was the most successful launch in franchise history with more than 10.3 million players joining the game within the first week.
  • Based on the first four weeks following launch, EA SPORTS FIFA 23 units (sell-through) are up 10% and Ultimate Team players up 6% on the comparable period for FIFA 22.

Selected Financial Highlights and Metrics

  • Net cash (used in)/provided by operating activities was $(112) million for the quarter and $1.788 billion for the trailing twelve months.
  • EA repurchased 2.6 million shares for $325 million during the quarter, bringing the total for the trailing twelve months to 10.0 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 August.

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