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ELECTRONIC ARTS INC.

(EA)
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Electronic Arts : EA signals gaming boom extending run with upbeat annual forecast

05/11/2021 | 05:37pm EDT
FILE PHOTO: An Electronic Arts office building is shown in Los Angeles, California

May 11 (Reuters) - Electronic Arts Inc on Tuesday forecast annual adjusted revenue above analysts' estimates, betting that demand for its titles, including "FIFA 21" and "Apex Legends," would stay strong even as COVID-19 restrictions ease.

The video gaming industry has been a big pandemic winner thanks to a surge in engagement from gamers staying indoors. U.S. consumer spending on video games rose 18% in March to a record $5.6 billion, according to data from research firm NPD.

But speedy vaccinations and easing curbs have encouraged people to head outdoors, raising concerns that the gaming boom would soon fade.

EA on Tuesday signaled it expected the momentum to continue, estimating full-year adjusted revenue to be $7.30 billion, higher than a Refinitiv IBES estimate of $6.61 billion.

"We expect to continue to drive strong organic growth in Apex Legends in fiscal 2022 and expand the franchise to new platforms with the launch of Apex Mobile in the back half of the year," Chief Financial Officer Blake Jorgensen said on a post-earnings call.

The company's shares were nearly 3% higher at $145.05 in extended trading.

EA has been expanding its customer base and mobile gaming footprint through deals for companies including UK-based Codemasters, known for racing titles "F1" and "Dirt," and "Kim Kardashian: Hollywood" creator Glu Mobile.

However, the costs of the acquisitions and some minor tax changes impacted its fourth-quarter profit, Jorgensen said in an interview with Reuters.

Net income for the quarter ended March 31 fell to $76 million, or 26 cents per share, from $418 million, $1.43 per share, a year earlier.

Excluding one-time items, the company earned $1.23 per share, beating expectations of $1.05 per share. Revenue of $1.49 billion also exceeded estimates of $1.39 billion. (Reporting by Tiyashi Datta in Bengaluru; Editing by Aditya Soni)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ELECTRONIC ARTS INC. 1.36% 133.77 Delayed Quote.-6.85%
GLU MOBILE INC. 0.08% 12.5 End-of-day quote.38.73%
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Analyst Recommendations on ELECTRONIC ARTS INC.
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Financials (USD)
Sales 2022 7 529 M - -
Net income 2022 622 M - -
Net cash 2022 2 174 M - -
P/E ratio 2022 65,2x
Yield 2022 0,47%
Capitalization 38 069 M 38 069 M -
EV / Sales 2022 4,77x
EV / Sales 2023 4,35x
Nbr of Employees 11 000
Free-Float 99,5%
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Technical analysis trends ELECTRONIC ARTS INC.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 31
Last Close Price 133,77 $
Average target price 169,77 $
Spread / Average Target 26,9%
EPS Revisions
Managers and Directors
Andrew P. Wilson Chairman & Chief Executive Officer
Blake J. Jorgensen Chief Operating & Financial Officer
Kenneth Moss Chief Technology Officer
Leonard S. Coleman Independent Director
Richard A. Simonson Independent Director
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