Electronic Arts misses quarterly bookings estimates ahead of Saudi-backed buyout
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Aug 3 : Videogame publisher Electronic Arts missed expectations for first-quarter bookings on Monday, hit by a post-launch decline in engagement for its "Battlefield" franchise ahead of its Saudi-backed acquisition.
Here are more details:
• Despite having a strong launch last year, "Battlefield 6" has struggled to maintain player engagement, raising concerns about its long-term live-service revenue potential.
• The Redwood City, California-based company relies heavily on in-game spending to extend the life cycles of its titles and derive consistent revenue.
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• Electronic Arts is likely to feel the heat from Take-Two Interactive's upcoming blockbuster release of "Grand Theft Auto VI", which is expected to command player attention and funnel discretionary spending away from rivals.
• The gaming company reported first-quarter bookings of $1.35 billion, missing analysts' average estimate of $1.48 billion, according to data compiled by LSEG.
• Profit rose to $397 million for the quarter ended June 30, from $201 million in the year-ago period.
• Last week, Saudi Arabia's Public Investment Fund and a group of investors gained EU approval for their $55 billion deal to take Electronics Arts private.
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