Summary
Electronic Arts Inc. (EA) reported its financial results for the fiscal second quarter ended September 30, 2023. The company saw a modest increase in net revenue, reaching $1.914 billion, a 1% year-over-year rise. This growth was driven by strong performance in full game downloads and new releases like EA SPORTS FC 24, which offset a slight decline in live services and other revenue. Net income for the quarter was $399 million, or $1.47 per diluted share, showing an improvement from the prior year. The company also reported a significant increase in net cash provided by operating activities, up 200% year-over-year, indicating improved cash generation. EA continues its commitment to returning capital to shareholders through share repurchases and dividends, demonstrating financial discipline and confidence in its ongoing business strategy.
Financial Highlights
49 data points| Revenue | $1.91B |
| Cost of Revenue | $456.00M |
| Gross Profit | $1.46B |
| Operating Expenses | $1.08B |
| Operating Income | $377.00M |
| Interest Expense | $14.00M |
| Net Income | $399.00M |
| EPS (Basic) | $1.47 |
| EPS (Diluted) | $1.47 |
| Shares Outstanding (Basic) | 271.00M |
| Shares Outstanding (Diluted) | 272.00M |
Key Highlights
- 1Net revenue increased by 1% year-over-year to $1.914 billion.
- 2Net income grew to $399 million, or $1.47 per diluted share, up from $299 million in the prior year period.
- 3Net cash provided by operating activities significantly increased by 200% year-over-year to $112 million for the quarter.
- 4Full game net revenue increased by 3% to $621 million, primarily driven by new releases.
- 5Live services and other net revenue saw a slight decrease of 1% to $1,293 million.
- 6The company repurchased 2.6 million shares for $325 million under its ongoing stock repurchase program.
- 7EA SPORTS FC 24's launch contributed positively to the financial results, alongside sustained performance from key franchises like Apex Legends and The Sims 4.