Electronic Arts $EA stock moved higher on August 3, 2022, after the company ended the quarter with 600 million active accounts and reported a 22% year-over-year increase in net bookings for the trailing 12 months.
Electronic Arts $EA stock price target raised to $155 from $148 at BofA
On August 3, 2022, BofA analyst Omar Dessouky raised the firm’s price target on Electronic Arts to $155 from $148 and kept a Buy rating on the shares after the company reported Q1 results that beat expectations on the top and bottom lines, with management calling out strength in FIFA, F1 materially exceeding expectations, and Apex Legends growing double digits as driving the beat. Despite assuming a recession in the second half of FY23, he sees higher FY23 EPS and limited downside risk to his forecasts, given that EA’s franchises are “staples of gaming,” Dessouky said.
Electronic Arts Reports Q1 FY23 Financial Results
On August 2, 2022, Electronic Arts Inc. announced preliminary financial results for its first fiscal quarter ended June 30, 2022. Electronic Arts reported a Q1 EPS of $1.11 versus 71c last year. The company reported Q1 total net revenue of $1.77B versus $1.55B last year. Net bookings for the twelve months were $7.478B, up 22% year-over-year, and live services and other net bookings for the twelve months were up 20% year-over-year. The EA player network grew to nearly 600M active accounts at quarter end.
“EA delivered strong results in Q1 with our growing player network deeply engaged in new games and live services. Our expanding EA SPORTS portfolio and owned IP franchises continue to power resilience and longevity in our business. Our teams remain focused on what they do best – making amazing experiences that inspire new generations to play, watch, create, compete and connect,” said CEO Andrew Wilson.
📈 Electronic Arts $EA Chart
$EA stock is in an uptrend channel that favors the bulls. The wide range makes it problematic to trade in the middle of its range.