Categories Earnings, Technology, U.S. Markets News
Electronic Arts’ stock is riding high on Apex Legends wave
Electronic Arts Inc. (EA) is still riding the Apex Legends wave, with shares up 4.6% in mid-day trade on Tuesday. The stock has gained since the company reported strong sign-up numbers over the past couple of days.
After its launch on February 4, Apex Legends gained over 10 million sign-ups in just three days and on Monday, Vince Zampella, CEO of Respawn Entertainment, developer of Apex Legends, said that the game had garnered over 25 million players in just a week’s time, with well over 2 million concurrent players at its peak during the weekend.
Although the game is free, these numbers indicate a rapid rise compared to the biggest performer of 2018, Fortnite. It took Fortnite weeks and months to get to the aforementioned numbers following its release.
The stock rallied 11% on Friday and then 6% in after-hours on Monday after the increases in gamer numbers were disclosed. Electronic Arts had suffered a setback on Tuesday after reporting third-quarter 2019 earnings that missed estimates and lowering its full-year 2019 revenue outlook. The stock had crashed over 16% following the results release.
Looking at the past one month, Electronic Arts’ stock has gained 12%. The company’s rival Activision Blizzard (ATVI) is set to report earnings results today after market close.
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