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# Electronic Arts' latest earnings report showed decreased revenue
- URL: https://www.techloy.com/electronic-arts-q3-2023-earnings-report-2022/
- Published: 2023-02-10T15:16:12.000Z
- Updated: 2023-02-10T15:16:12.000Z
- Author: Acquah Nana Yeboah
- Tags: Business, / Insights

Electronic Arts (EA) recently released its earnings result for the third fiscal quarter that ended December 31, 2022, which showed a reduction in full-year revenue guidance.

The Star Wars, Madden, and Battlefield publisher now projects its revenue to be between $7.25 billion to $7.35 billion, down from the previous estimate of $7.8 billion. This decrease is partly due to the delay of Star Wars Jedi: Survivor, which will now be accounted for in the 2023 fiscal year.

****Trailing Twelve Months Financial Highlights**

|                              |  | **Twelve Months Ended** |  |          |       |  |
| ---------------------------- |  | ----------------------- |  | -------- | ----- |  |
|                              |  | **December 31,**        |  |          |       |  |
|                              |  | **2022**                |  | **2021** |       |  |
| (in $ millions)              |  |                         |  |          |       |  |
| Full game                    |  | 2,003                   |  |          | 1,805 |  |
| Live services and other      |  | 5,374                   |  |          | 4,707 |  |
| Total net revenue            |  | 7,377                   |  |          | 6,512 |  |
|                              |  |                         |  |          |       |  |
| Net income                   |  | 1,039                   |  |          | 640   |  |
|                              |  |                         |  |          |       |  |
| Operating cash flow          |  | 1,377                   |  |          | 1,826 |  |
|                              |  |                         |  |          |       |  |
| Value of shares repurchased  |  | 1,295                   |  |          | 1,300 |  |
| Number of shares repurchased |  | 10.2                    |  |          | 9.4   |  |

****Quarterly Financial Highlights**

|                                           |  | **Three Months Ended** |  |          |       |  |
| ----------------------------------------- |  | ---------------------- |  | -------- | ----- |  |
|                                           |  | **December 31,**       |  |          |       |  |
|                                           |  | **2022**               |  | **2021** |       |  |
| (in $ millions, except per share amounts) |  |                        |  |          |       |  |
| Full game                                 |  | 622                    |  |          | 616   |  |
| Live services and other                   |  | 1,259                  |  |          | 1,173 |  |
| Total net revenue                         |  | 1,881                  |  |          | 1,789 |  |
|                                           |  |                        |  |          |       |  |
| Net income                                |  | 204                    |  |          | 66    |  |
| Diluted earnings per share                |  | 0.73                   |  |          | 0.23  |  |
|                                           |  |                        |  |          |       |  |
| Operating cash flow                       |  | 1,123                  |  |          | 1,534 |  |
|                                           |  |                        |  |          |       |  |
| Value of shares repurchased               |  | 325                    |  |          | 325   |  |
| Number of shares repurchased              |  | 2.6                    |  |          | 2.4   |  |

In its Q3 2023 earnings results, EA missed revenue expectations by reaching $1.88 billion, compared to the expected $2.5 billion. Additionally, the company announced that the free-to-play mobile version of Apex Legends, Apex Legends Mobile, will be sunset in May 2023 due to a lack of response from players.

Overall, it was a difficult quarter for Electronic Arts and the outlook for the next quarter remains uncertain based on the company's guidance.