Electronic Arts stock dips 6% as record bookings, guidance miss expectations
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Electronic Arts (NASDAQ:EA) has slipped 5.7% postmarket after it fell short on bookings and profitability in its fiscal third quarter, and issued light guidance for the weeks ahead.
Bookings of $2.58 billion were up 7.5% and hit a record, but missed expectations by about 3%.
Net income on a GAAP basis fell to $66 million from a year-ago $211 million; that felt impact from higher intangible amortization and substantially higher marketing/sales expense.
Net cash from operations also hit a record for the quarter, of $1.534 billion (which brings trailing 12 months net cash from operations to $1.826 billion).
The company says at quarter-end, engagement time across all games is up nearly 20%, and Apex Legends monthly active players were up more than 30% year-over-year. And in the fiscal year so far, more than 180 million monthly active accounts engaged in games on average.
âQ3 was the largest quarter in the companyâs history for net bookings, underlying profitability and cash generation,â said Chief Financial Officer Blake Jorgensen. âOur portfolio approach will enable us to deliver organic growth in the double digits this year, continue to deliver strong cash flow, and provides a strong foundation for growth as we look to the future.â
For the fiscal fourth quarter (ending March 31), it's guiding to net bookings of $1.761 billion and net income of about $130 million.
For the full year, that suggests total net bookings of $7.525 billion, and net income of about $694 million, along with operating cash flow forecast at $1.9 billion.
Conference call to come at 5 p.m. ET.