EA posts 'strong' Q2 FY14 revenue of $695 million
Electronic Arts today reported GAAP total net revenue of $695 million. Although the number is down from the same period last year, it was enough for EA to refer to earnings during the second fiscal quarter ended September 30, 2013 as "strong." GAAP net loss narrowed to $273 million or $0.89 per share from $381 million or $1.21 per share in the same period last year.
“EA’s strong second quarter was driven by great title launches, continued digital growth, and financial discipline,” said Chief Executive Officer Andrew Wilson. “While we have made good progress in the first half of the year, we remain focused on executing our FY14 plan and delivering a full slate of amazing games and services to players on current and next-generation consoles, mobile, and PC.”
EA made particular note of growth in digital net revenue thanks to its Ultimate Team modes in NCAA Footall, Madden NFL, NHL Hockey, and FIFA. EA's mobile and handheld non-GAAP digital net revenue also saw a 19% increase year-over-year.
Non-GAAP net revenue for the quarter, meanwhile, totaled to $1.04 billion.
“We exceeded our revenue and EPS guidance in the second quarter through a combination of delivering on revenue, and managing our costs,” Chief Financial Officer Blake Jorgensen said. “We are reaffirming our annual non-GAAP net revenue guidance of $4 billion, and raising our non-GAAP EPS guidance from $1.20 to $1.25 per share.”
Looking ahead, EA expects GAAP net revenue for FY 2014 (ending March 31, 2014) to be approximately $3.55 billion, with non-GAAP net revenue expected to be $4.00 billion. GAAP diluted loss per share is expected to be approximately $0.72, while non-GAAP diluted earnings per share is expected to be approximately $1.25.