Electronic Arts forecasts sales below estimates as pandemic boom fades -Breaking
[ad_1]
© Reuters. FILE PHOTO – An Electronic Arts logo for a videogame is displayed at the Electronic Entertainment Expo (or E3) in Los Angeles California on June 17, 2015. REUTERS/Lucy Nicholson(Reuters) – Electronic Arts Inc (NASDAQ: ) On Tuesday, the company forecast lower first-quarter sales than its estimates. It is expecting weaker sales of “Battlefield 2042” and slower lockdown-fueled demands.
These results were announced hours after FIFA, the world’s soccer governing body, had ended a long-standing partnership.
Extended trading saw shares of The Redwood, a California-based company with NYSE: City, fall 1.3%
The lockdown-weary gamers’ sales explosion is beginning to slow down as everyday life gets normal again and rising inflation threatens spending power.
According to Refinitiv data, Electronic Arts projects current quarter adjusted sales of between $1.20 billion – $1.25 billion. This compares with the average analyst expectation of $1.44 trillion.
Adjusted sales were at $1.75 trillion for March 31, slightly lower than the estimates of $1.78 million.
But, EA’s revenue from live services rose from $1.1 million a year prior to reach $1.39Billion.
[ad_2]
