Electronic Arts has released its financial report for the first quarter ended June 30, 2024. The company reported declines in all major business metrics, including revenue and earnings. At the same time, the results are above expectations.
Electronic Arts posted net revenues of $1.6 billion, down 13.7% year-over-year. Live services accounted for 85% of the total, while full game sales were $250 million (-43.5% year-over-year). Net income was $280 million, down 30% year-over-year.
Consoles are EA’s primary platform
In terms of products shipped and sold, consoles remain the number one platform for Electronic Arts. Specifically, it accounts for 53.6% of the total, with PC making do with less than half at 23.4% and mobile lagging behind at 23%.
A collage of Electronic Arts games
“Strong execution, live events and continued player engagement across our experiences drove our first quarter results above expectations,” said Stuart Canfield, Electronic Arts’ chief financial officer, adding that the company is “well positioned to achieve our multi-year financial goals.”
EA Sports FC Mobile is doing well with results “above expectations,” Madden NFL is “keeping pace,” and EA Sports College Football 25 has reached 5 million players in its first week. The Sims 4 is doing well thanks to user-generated content. Apex Legends, which has been on a downtrend, is on track to return to growth. Battlefield has surpassed 25 million players in the last 12 months, and the next game is “one of the most ambitious projects in our history.”
It also explains that EA will continue to invest in building “massive online communities.” Another goal is to take its biggest franchises beyond just games: Wilson said that having people watch video game content instead of just playing it improves the experience. “What we’re seeing now is 25 to 30 percent of all engagement in our industry is watching content, not just playing it,” Wilson noted.
