LogInNet bookings for the FIFA series have risen by 31% year-over-year during the initial three months of 2023.
Electronic Arts has published its financial results for Q4 2022 and the full fiscal year, reporting an increase in full-year revenues.
EA's Q4 revenues increased by less than 3% reaching $1.87 billion, while the net bookings for the period amounted to $1.95 billion reflecting an 11% year-on-year boost, which is largely attributed to the popularity of the EA Sports FIFA series. Live services and other revenue also increased by 8% year-on-year, reaching $1.5 billion.
At the same time, the company's full game revenue experienced a decline of 15% year-on-year, totaling $372 million. The net loss for the quarter was $12 million, a significant difference from the $225 million net income in the same quarter of the previous year.
As for the full fiscal year figures, EA's revenue was $7.43 billion, reflecting a 6% increase year-on-year. However, total net bookings saw a decline of 2% year-on-year, totaling $7.3 billion.
On the bright side, live services and other revenue increased by 10% year-on-year, amounting to $5.49 billion. Full game revenue, on the other hand, experienced a 3% decline year-on-year, reaching $1.94 billion. The net income for the period was $802 million, reflecting a 2% increase year-on-year.
FIFA 23 played a significant role in driving EA's revenue growth. In a mere six months, the game has already exceeded the total sales of FIFA 22. Additionally, it appears that the latest release has a more extended lifespan than its predecessor, as the Q4 net bookings for the FIFA franchise have grown by 31% compared to the previous year.
A small net loss during the Q4 period that EA recorded can be attributed to $111 million in charges related to the restructuring and reducing 6% of its workforce that the company announced in late March.
EA has projected its revenue for the fiscal year ending on March 31, 2024, to be in the range of $7.3 billion to $7.7 billion, with net bookings anticipated to fall within the same range.
You can find the company's earnings report here. Also, don't forget to join our 80 Level Talent platform and our Telegram channel, follow us on Instagram and Twitter, where we share breakdowns, the latest news, awesome artworks, and more.