EA dips 6% as holiday bookings fall short, company shifts 'Star Wars' release
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Electronic Arts (NASDAQ:EA) has slipped 6% postmarket following its fiscal third-quarter earnings report after its holiday bookings declined worse than expected and operating cash flow declined, though net income tripled year-over-year.
Net bookings fell to $2.34B from a prior-year $2.58B, vs. expectations that the company would hit $2.5B in bookings.
As for the current quarter, it's announced a new release date for Star Wars Jedi: Survivor, which is moving to a global launch on April 28 - and thus shifting from Q4 of fiscal 2023 to Q1 of fiscal 2024.
It's guiding to current (fourth) quarter bookings of $1.675B-$1.775B, well short of consensus for $2.24B, accounting for the shift in Star Wars Jedi: Survivor.
"While our teams delivered for our players, the current macro environment impacted Q3 results,â said CEO Andrew Wilson.
âAs market uncertainty mounted during the quarter, we took measures to protect underlying profitability,â said Chief Financial Officer Chris Suh âWe are prioritizing the player experience, directing investment to where it can have the most positive impact for our players and on growth.â
That includes the company canceling its Apex Legends Mobile game and Battlefield Mobile.
Conference call to come at 5 p.m. ET.