Investing.com - Electronic Arts (NASDAQ:EA) on Tuesday, guided annual profit that fell well short of estimates after reporting fourth-quarter earnings and revenue that topped Wall Street expectations as stay-at-home measures to stop the spread of Covid-19 boosted digital sales.
Electronic Arts shares lost 4.2% in after-hours trade following the report.
Electronic Arts announced earnings per share of $1.43 on revenue of $1.21 billion. Analysts polled by Investing.com anticipated EPS of $0.97 on revenue of $1.18 billion. That compares to EPS of $1.56 on revenue of $1.36 billion in the same period a year before. Electronic Arts had reported EPS of $2.53 on revenue of $1.98 billion in the previous quarter.
Net bookings, a key operating metric that measures the net amount of products and services sold digitally or sold-in physically, fell 11% to $1.21 billion for the quarter year on year, with 9% growth in digital net bookings helping to stem the decline.
The company guided fiscal first-quarter revenue of about $1.22 billion and earnings per share of about $0.93. Analysts had expected guidance for EPS of $0.35 and revenue of $833.11 million in the upcoming quarter.
Net bookings are expected to be approximately $1 billion for the upcoming quarter.
For the year, Electronic Arts forecast earnings of $3.35 a share on revenue of $5.525 billion, well below consensus of $4.96 and $5.37 billion respectively.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar