Actions by video game maker Electronic Arts Inc. lit up more than 6% in extended trading on Wednesday after the company reported growth in net income and revenue that slightly beat analysts’ estimates.
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reported fiscal second-quarter net income of $399 million, or $1.47 per share, compared with net income of $299 million, or $1.07 per share, in the prior year.
The company, which earlier this year announced a 6% reduction in its workforce, amounting to about 800 people, reported net income of $1.91 billion, slightly more than $1.9 billion a year ago.
Analysts tracked by FactSet had expected $1.77 billion in revenue.
“We delivered a strong Q2 and successfully launched ‘EA Sports FC,’ transforming one of the biggest franchises in the world into a powerful, interactive platform for the future of soccer fandom,” said EA CEO Andrew Wilson, noting the successor to the wildly popular “FIFA” video game franchise, in a statement announcing the quarterly results.
EA executives said they expect fiscal 2024 net income of $7.3 billion to $7.7 billion; analysts polled by FactSet forecast $7.57 billion.
EA’s stock is up 1% this year. The broader S&P 500 index SPX is up 10%.