Video game company Electronic Arts, Inc. (NASDAQ: EA) reported higher earnings and revenues for the first quarter of 2023. However, net bookings declined modestly.
During the June quarter, the company’s revenues increased 14% year-over-year to $1.77 billion, despite a 3% decrease in net bookings. The management also provided revenue guidance for the second quarter and full fiscal year.
The net profit of the Redwood City, California-based company rose to $311 million or $1.11 per share in the most recent quarter from $204 million or $0.71 per share in the first quarter of 2022.
Check this space to read management/analysts’ comments on Electronic Arts’ Q1 report
“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,” said Andrew Wilson, CEO of Electronic Arts.