ELECTRONIC ARTS INC. Quarterly Report for Q1 Ended Jun 30, 2023

Summary

Electronic Arts Inc. (EA) reported its financial results for the first quarter of fiscal year 2024, ending June 30, 2023. The company demonstrated solid revenue growth, with net revenue increasing by 9% year-over-year to $1.924 billion, primarily driven by strong performance in "Live Services and other" which grew 4% to $1.481 billion, and a significant 30% increase in full game net revenue to $443 million, boosted by new releases like "Star Wars Jedi: Survivor" and strong performance from "FIFA 23". Profitability saw a notable improvement, with operating income up 23% to $542 million, and net income rising to $402 million, resulting in diluted earnings per share of $1.47. The company also generated robust operating cash flow of $359 million, a substantial increase from the prior year. EA continued its commitment to returning capital to shareholders through share repurchases totaling $325 million and dividend payments of $52 million.

Key Highlights

• 1Net revenue increased 9% year-over-year to $1.924 billion.
• 2Live services and other net revenue grew 4% to $1.481 billion, showing continued strength in ongoing game content and subscriptions.
• 3Full game net revenue saw a significant increase of 30% to $443 million, driven by new releases like "Star Wars Jedi: Survivor" and strong performance from "FIFA 23".
• 4Operating income grew by a strong 23% year-over-year to $542 million.
• 5Net income reached $402 million, with diluted earnings per share of $1.47.
• 6Net cash provided by operating activities surged to $359 million, a 560% increase compared to the prior year's quarter.
• 7The company repurchased $325 million worth of its common stock and paid $52 million in cash dividends.

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