(Reuters) – Electronic Arts Inc on Wednesday raised its annual adjusted sales forecast, betting on its soccer franchise “FIFA” and the upcoming launch of warfare title “Battleground 2042”.
The videogame maker said it expected full-year adjusted sales of $7.63 billion, compared with $7.40 billion earlier. Analysts expected $7.59 billion, according to Refinitiv data.
The gaming boom fueled by pandemic-related lockdowns has remained intact despite this year’s economic reopening, with data from analytics firm NPD showing U.S. consumer spending on video games rose 2% in the second quarter to $14 billion.
A strong clutch of titles including “Apex Legends,” “Star Wars: Galaxy of Heroes” and “Madden NFL 22” has helped EA capitalize on the demand surge.
The company has also strengthened its mobile gaming portfolio by spending billions of dollars on deals for companies like Glu Mobile, UK-based Codemasters and Playdemic Ltd.
EA’s quarterly adjusted sales more than doubled in the second quarter ended Sept. 30 to $1.85 billion, beating market expectations of $1.76 billion.
Net income rose to $294 million, or $1.02 per share, from $185 million, 63 cents per share, a year earlier.
Rival Take-Two Interactive Software Inc is also slated to report quarterly earnings on Wednesday after markets close.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Aditya Soni)
