Electronic Arts Inc. (NASDAQ: EA) beat revenue and earnings expectations for the second quarter of 2020. Shares were up 1.1% in aftermarket hours on Tuesday.
Total revenue grew 5% to $1.35 billion versus the same period last year, beating estimates of $1.25 billion.
Net income rose to $854 million, or $2.89 per share, from $255 million, or $0.83 per share, in the prior-year period, driven by an income tax benefit of $2.11 per share. Analysts had forecast EPS of $0.85.
During the quarter, digital net revenue grew 18% to $922 million. Net bookings increased 5% to $1.3 billion. Digital net bookings for the trailing 12 months rose 8% year-over-year to $3.8 billion.
COO and CFO Blake Jorgensen said, “Looking ahead, we are doubling down on live services combined with our core franchises. We’re investing in games that people play for longer and engage with much more deeply. This focus will continue to drive growth and profitability for the company through the remainder of this year and beyond.”
For the third quarter of 2020, Electronic Arts expects revenue of $1.51 billion. Net income is projected to be approx. $272 million while EPS is expected to be $0.92. Net bookings is estimated to be approx. $1.94 billion.
For full-year 2019, the company expects revenue of $5.41 billion. Net income is estimated to be approx. $2.8 billion and EPS is projected to be $9.57. Net bookings is expected to be approx. $5.1 billion.
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