Electronic Arts: Fiscal 1Q Earnings Snapshot
REDWOOD CITY, Calif. (AP) _ Electronic Arts Inc. (EA) on Tuesday reported fiscal first-quarter profit of $1.42 billion.
On a per-share basis, the Redwood City, California-based company said it had net income of $4.75. Losses, adjusted for one-time gains and costs, were 2 cents per share.
The results missed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The video game maker posted revenue of $1.21 billion in the period. Its adjusted revenue was $743 million, exceeding Street forecasts. Eight analysts surveyed by Zacks expected $724.6 million.
Electronic Arts expects full-year earnings to be $9.22 per share, with revenue expected to be $5.38 billion.
Electronic Arts shares have risen 12% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%. In the final minutes of trading on Tuesday, shares hit $88.62, a decline of 30% in the last 12 months.