The video game company reported net income of $204 million, up from $66 million in the year earlier period, but revenue fell below expectations of many on Wall Street.
, after the two did not meet expectations and after seeing a “softer” mobile market during their launches.
Electronic Arts lowered its annual net bookings forecast to between $7.07 billion and $7.17 billion, down from its previous forecast of $7.65 billion to $7.85 billion.game to April 28, from the planned release in March. The delay comes as the company expects high demand around the release and wants to give its team an extra few weeks to “enhance performance stability, and most importantly, the player experience,” CEO Andrew Wilson said on the call.
“As market uncertainty mounted during the quarter, we took measures to protect underlying profitability,” said CFO Chris Suh. “We are prioritizing the player experience, directing investment to where it can have the most positive impact for our players and on growth.” During the third quarter, the company said it reduced costs by more than $60 million “by moderating our hiring and prioritizing our variable spend.” The company said it is currently “taking strategic actions to evaluate our cost structure as we navigate through the current macro environment.”
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