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Electronic Arts stock surges after strong forecast, salesBy Max Cherney
Electronic Arts Inc. EA, shares rose more than 5% in the extended session Tuesday after the company reported better-than-expected net bookings and strong fiscal 2020 forecast.
The videogame maker reported fiscal fourth-quarter net income of $209 million, or 69 cents a share, compared with $607 million, or $1.95 a share, in the year-ago period.
EA did not report an adjusted per-share earnings figure.
Revenue fell to $1.24 billion from $1.58 billion in the year-ago period.
Many videogame companies use net bookings, a non-GAAP financial measure that includes digital and in-store sales.
EA reported net bookings of $1.36 billion up from $1.26 billion in the year-go period.
Analysts surveyed by FactSet had estimated adjusted earnings of 97 cents a share on bookings of $1.2 billion.
For the fiscal first quarter, analysts model net income of $69 million on bookings of $806 million.
For the full fiscal year, analysts estimate net income of $1.09 billion on bookings of $5.17 billion.
EA said it expects fiscal 2020 full-year net income of $2.6 billion on bookings of $5.1 billion. The videogame maker says it forecasts first quarter net income of $1.77 billion on bookings of $690 million and the first quarter includes a one-time tax benefit of $1.5 billion.
EA stock has fallen 25% in the past year, with the S&P 500 index SPX, -1.65% rising 9.7%.
Source: Market Watch
https://www.marketwatch.com/story/elect ... arketPulse)
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