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Electronic Arts today released its final earnings report for fiscal year 2023, which includes its fourth-quarter performance. Net bookings in the fourth quarter increased 11% year over year to $1.9bn, while total net bookings for the year were around $7.4bn. Results for the quarter and for the year show strong growth for the company, largely driven by its largest franchises such as Apex Legends and FIFA.
According to EA’s report, most of this success was driven by its ongoing franchises, like the aforementioned Apex Legends. The title saw a spike in player activity in the fourth quarter and, according to EA CEO Andrew Wilson, has maintained an average of 20 million monthly active users throughout the year. The company added that The Sims surpassed 70 million players this fiscal year.
EA credited FIFA 23 with boosting their numbers. The latest entry was the most successful launch in franchise history, surpassing its predecessor’s lifetime sales by six months. Its net bookings grew 31% year-over-year compared to FIFA 22. It is also the last game EA will release under the FIFA label. Starting next year, the franchise is EA Sports FC.
EA’s eyes on the future
Electronic Arts released its forecast for fiscal 2024. It forecasts net bookings of between $7.3 and $7.7 billion, partly because it expects lower sales for EA Sports FC due to the rebranding. It also expects $1.5 to $1.6 billion in net bookings for the first quarter of the year ending June 30. Shares of the company rose in response to this news, closing the day at $125.41.
It’s also worth noting that EA announced in March that it was laying off 6% of its workforce. The company said this move was designed to improve its focus, but the decision could affect hundreds of employees. Wilson said in opening his remarks that the company remained strong “against macro uncertainty.”
and constant change”, and “navigated the year with resilience and determination”.
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