Electronic Arts raises annual profit forecast after strong second quarter
Nov 1 (Reuters) - Electronic Arts on Wednesday beat analysts' estimates for quarterly net bookings and profit and raised its annual earnings projection, betting that its revamped soccer franchise "FC 24" would help maintain the momentum in its sports videogame unit.
The company said it now expected earnings per share of between $4.10 and $4.66 for the year ending in March, compared with its previous forecast of $3.42 to $3.92.
EA said on Wednesday that "FC 24", its first title in its soccer franchise without the "FIFA" branding in nearly three decades, had more than 14.5 million active accounts within the first four weeks of launch.
The title was the third-highest selling game in September behind "Mortal Kombat 1" and "Starfield", according to research firm Circana. EA's "Madden NFL 24" was placed fourth.
The strength in "Madden NFL" and the previous soccer title, "FIFA 23", helped the company report a 4% rise in net bookings to $1.82 billion for the September quarter. That was higher than estimates of $1.78 billion, according to LSEG data.
Adjusted profit came in at $1.46 per share, compared with estimates of $1.25. (Reporting by Zaheer Kachwala and Aditya Soni in Bengaluru; Editing by Sriraj Kalluvila)
