Electronic Arts Q1 Results Beat Street View

(RTTNews) - Video game company Electronic Arts Inc. (EA) on Tuesday posted improved results for the first quarter of 2023, coming in above the Street estimates.

The company's first-quarter net income rose to $311 million or $1.11 per share from $204 million or $0.71 per share in the same period last year. On average, 25 analysts polled by Thomson Reuters expected the company to post earnings of $0.28 per share in the quarter. Analysts' estimates, usually exclude one-time items.

Total net revenues rose to $1.77 billion from $1.55 billion a year ago, while 20 analysts were looking for revenues of $1.26 billion for the period.

For the second quarter of 2023, the company expects net income between $220 million and $242 million. Earnings per share is expected between $0.78 and $0.86.

Quarterly revenues are expected between $1.85 billion and $1.90 billion. On average, 25 analysts were looking at earnings of $1.49 per share on revenues of $1.87 billion for the second quarter.

Looking ahead, in fiscal 2023, the company expects net income between $793 million and $815 million. Earnings per share is expected between $2.79 and $2.87. Annual revenues is expected to be in the range of $7.60 -$7.80 billion.

On average, 29 analysts were looking at earnings of $7.2 per share on revenues of $7.99 billion for the year ahead.