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Electronic Arts Q1 Results Beat Street View

Video game company Electronic Arts Inc. (EA) on Tuesday posted improved results for the first quarter of 2023, coming in above the Street estimates.

The company's first-quarter net income rose to $311 million or $1.11 per share from $204 million or $0.71 per share in the same period last year. On average, 25 analysts polled by Thomson Reuters expected the company to post earnings of $0.28 per share in the quarter. Analysts' estimates, usually exclude one-time items.

Total net revenues rose to $1.77 billion from $1.55 billion a year ago, while 20 analysts were looking for revenues of $1.26 billion for the period.

For the second quarter of 2023, the company expects net income between $220 million and $242 million. Earnings per share is expected between $0.78 and $0.86.

Quarterly revenues are expected between $1.85 billion and $1.90 billion.
On average, 25 analysts were looking at earnings of $1.49 per share on revenues of $1.87 billion for the second quarter.

Looking ahead, in fiscal 2023, the company expects net income between $793 million and $815 million. Earnings per share is expected between $2.79 and $2.87. Annual revenues is expected to be in the range of $7.60 -$7.80 billion.

On average, 29 analysts were looking at earnings of $7.2 per share on revenues of $7.99 billion for the year ahead.

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