{"id":11487,"date":"2024-05-12T04:00:08","date_gmt":"2024-05-12T01:00:08","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=11487"},"modified":"2024-05-12T04:00:08","modified_gmt":"2024-05-12T01:00:08","slug":"electronic-arts-forecasts-annual-bookings-below-estimates-as-gamers-cut-spending","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=11487","title":{"rendered":"Electronic Arts forecasts annual bookings below estimates as gamers cut spending"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/05\/electronic-arts-forecasts-annual-bookings-below-estimates-as-gamers-cut-spending.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Video game publisher Electronic Arts (EA.O) forecast full-year bookings below Wall Street estimates on Tuesday amid a broader spending slowdown in the gaming industry due to an uncertain economic outlook.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-633252173\">\n<div id=\"cypru-2059110872\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-5823425328608-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>The company\u2019s shares fell 2.5 per cent in extended trading.<br \/>\nEA also authorized a new three-year stock buyback plan totalling $5 billion.<br \/>\n\u201cIssuing buybacks will help offset some of the negative sentiment on the short term, but game publishers should be working toward an upswing once the next console generation presents itself,\u201d said Joost Van Dreunen, a lecturer at NYU\u2019s Stern School of Business.<br \/>\nThe dour forecast from EA will add to the industry\u2019s already gloomy outlook, which has been coping with gamers cutting back on discretionary spending amid high inflation.<br \/>\nLarge firms, including Japan\u2019s Sony (6758.T) and \u201cGrand Theft Auto\u201d maker Take-Two Interactive (TTWO.O), have been aggressively cutting costs in recent months to combat the economic uncertainty and slumping game demand.<br \/>\nEA cut its workforce by 5 per cent in February as part of a restructuring plan, which includes a reduction in office space.<br \/>\nThe company forecast fiscal year 2025 bookings in the range of $7.30 billion to $7.70 billion, compared with average analysts\u2019 estimate of $7.76 billion, according to LSEG data.<br \/>\nFor the fourth quarter, the company, which also makes games like \u201cStar Wars Jedi: Survivor\u201d, posted bookings of $1.67 billion, missing estimates of $1.77 billion.<br \/>\n\u201cEA\u2019s development pipeline remains strong although the timeline comes into question,\u201d said Joe Brunetto, an analyst at Third Bridge.<br \/>\nNew titles, such as Star Wars, could contribute to long-term growth, he added.<br \/>\nFor the first quarter, the company expects bookings in the range of $1.15 billion and $1.25 billion, compared with estimates of $1.44 billion.<br \/>\nOn an adjusted basis, the company earned $1.37 per share in the fourth quarter, compared with estimates of $1.52 per share.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fact: Electronic Arts (EA) forecast full-year bookings below Wall Street estimates due to a broader spending slowdown in the gaming industry.<\/p>\n","protected":false},"author":3,"featured_media":11488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[4368,186,2619,2511,3,2369,4893,3818,1803,9641,2515,7343,8903,9642,250,3330,3767,3951,1991,67,2042,3747,3331,4593,9001,433,3798,335,3480,1181,1464,5265,2659,2389,9640,255,7581],"class_list":["post-11487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-bridge","tag-business","tag-buyback","tag-costs","tag-cyprus","tag-data","tag-demand","tag-development","tag-economic-uncertainty","tag-electronic-arts","tag-february","tag-fiscal-year","tag-follow","tag-full-year-bookings","tag-google","tag-google-news","tag-growth","tag-high-inflation","tag-industry","tag-inflation","tag-japan","tag-missing","tag-news","tag-office","tag-pipeline","tag-school","tag-shares","tag-space","tag-spending","tag-theft","tag-uncertain-economic-outlook","tag-uncertainty","tag-van","tag-video","tag-video-game-publisher","tag-wall-street","tag-wars"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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