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Electronic Arts Projections Sales Listed Below Quotes as Pandemic Boom Fades|Investing News


May 10, 2022
tagreuters.com2022newsml LYNXNPEI4912Z12022 05 10T202402Z 1 LYNXNPEI4912Z RTROPTP 3 ELECTRONIC ARTS RESULTS

( Reuters) – Electronic Arts Inc on Tuesday projection first-quarter changed sales listed below price quotes, bracing for weaker sales of its “Battleground 2042” title and a downturn in lockdown-fueled need.

The outcomes come hours after the business stated it was ending a profitable collaboration with world soccer governing body FIFA after almost 3 years.

The Redwood City, California-based business’s shares were down 1.3% in prolonged trading.

The lightning rise in sales sustained by lockdown-weary players is beginning to fade as typical life resumes, while increasing inflation threatens to suppress costs power.

Electronic Arts anticipate current-quarter adjusted sales in between $1.20 billion and $1.25 billion, compared to experts’ typical expectation of $1.44 billion, according to Refinitiv IBES information.

For the 4th quarter ended March 31, changed sales stood at $1.75 billion, a little listed below price quotes of $1.78 billion.

Nevertheless, profits from live services – that makes up the majority of EA’s sales – increased to $1.39 billion in the quarter, from $1.1 billion a year previously.

( Reporting by Tiyashi Datta in Bengaluru; Modifying by Devika Syamnath)

Copyright 2022 Thomson Reuters

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