Shares in video games company Electronics Arts have risen by nearly 5% after the company announced its latest set of results. The results, which were stronger than expected, shows that sales for EA games had risen by 62% during the company’s third quarter.
Year-on-year revenue rose by 40% to $1.13 billion during the three months to December. The company’s net income was $142 million. It lost $308 million a year earlier. The company’s good fortunes are being attributed to older consoles like the Xbox 360 being discounted. Sales for EA mobile phone games were also up by 26%.
Electronic Arts is the world’s second-largest video games publisher. The company said that it was attracting 160 million monthly active users for its mobile games, with chief executive Andrew Wilson putting the results down to: “Great execution with our leading IP, new mobile hits and continued strength in our catalogue of top games and services.”
The company has changed its fortunes around remarkably quickly after its full-year sales outlook was cut last year, with reduced demand for old console titles reducing its profits.
Are you surprised to see how well EA are faring? Do you think they can build on their success? Let us know in the comments section below.