EA's Q2 FY24 Bookings See Uptick Following Successful Launch of Sports FC 24

Electronic Arts has released its Q2 FY24 earnings report, covering the three months ending September 30, 2023, revealing modest growth in revenue and bookings, primarily driven by the success of Madden NFL, FIFA 23, and the launch of EA Sports FC 24. Key financial highlights include: $1.91 billion in revenue, representing a 0.5% year-over-year increase, $399 million in net income, up 33% year-over-year, and total net bookings of $1.82 billion, a 4% year-over-year increase. Live services bookings reached $1.13 billion, a 1% year-over-year increase. Three EA Sports titles exceeded expectations during the quarter, with Madden NFL 24 achieving 6% year-over-year net bookings growth. The EA Sports FC franchise, including FIFA 23 and the newly launched FC 24, contributed to revenue and total net bookings growth. In contrast, Apex Legends bookings declined year-over-year, although this was above EA's expectations, driven by Season 18's strong player acquisition and monetization. Overall, live services and other net bookings increased 1% year-over-year to $1.13 billion, with live services accounting for 73% of EA's business over the past 12 months. EA CFO Stuart Canfield attributed the strong Q2 results to the 'EA Sports strength, driven by new releases and ongoing live services.' The company remains focused on delivering for its growing player communities and investing in opportunities for long-term growth. Looking ahead, EA expects net revenues between $1.8 billion and $2 billion for the final quarter of its fiscal year, with the full-year outlook for revenue and net bookings remaining unchanged, expecting the latter to be between $7.3 billion and $7.7 billion, roughly flat to up 5% year-over-year.