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Investing.com — Electronic Arts signaled weaker annual demand Tuesday as the video game maker cut its annual forecasts following mixed second-quarter results amid a strong dollar and a weaker economic backdrop.
Electronic Arts Inc (NASDAQ:EA) fell more than 2% in afterhours trading following the report.
Electronic Arts announced earnings per share of $1.07 on revenue of $1.75B. Analysts polled by Investing.com anticipated EPS of $1.36 on revenue of $1.81B.
“The U.S. dollar has strengthened since the time of our initial FY23 guidance,” the company said, forecasting a $200 million hit to full-year bookings.
Looking ahead to 2023, the company forecasts bookings in the range of $7.65B to $7.85B, down from a prior forecast of $7.9B to $8.1B. Revenue was expected to be approximately $7.55B to $7.75B and EPS in a range of $3.11 to $3.34 per share. That compared with a prior estimate for revenue of $7.6B to $7.8B and EPS of $2.79 to $2.87.
