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Electronic Arts today released its final earnings report for fiscal year 2023, including fourth quarter performance. Net bookings in the fourth quarter were up 11% year-over-year to $1.9 billion, while total net bookings for the year came in at around $7.4 billion. The results for the quarter and the year show strong growth for the company, which is largely driven by its largest franchises such as Apex Legends and FIFA.
According to EA’s report, most of this success was due to its ongoing franchises, such as the aforementioned Apex Legends. The title saw a surge in player activity in the fourth quarter, and according to EA CEO Andrew Wilson, it has maintained an average of 20 million monthly active users throughout the year. The company added that The Sims has surpassed 70 million players in this fiscal year.
EA credited FIFA 23 for increasing the number. The latest entry was the most successful launch in franchise history, surpassing its predecessor’s lifetime sales within six months. Net bookings grew 31% year over year compared to FIFA 22. It is also the last game EA will release under the FIFA label. From next year, the franchise will be called EA Sports FC.
EA looks to the future
Electronic Arts has released its fiscal year 2024 forecast. It forecasts net bookings between $7.3 and $7.7 billion, in part because it expects lower sales for EA Sports FC due to the branding change. 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 would lay off 6% of its workforce. The company said this move was designed to improve focus, but the decision could affect hundreds of employees. Opening his remarks, Wilson said the company remained strong “against macro uncertainty
and constant change’, and ‘navigated the year with resilience and determination’.
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