-Videogame publisher Electronic Arts missed booking estimates for its first quarter on Tuesday, hurt by competition from other franchise-based games and muted spending by gamers.
Its shares fell 4.5 per cent to $130.25 in extended trading as the company posted net bookings of $1.58 billion in the quarter ended June 30, compared with Refinitiv estimates of $1.59 billion. Videogame publishers such as EA are not only struggling with slowing spending, but also fighting for top spots with new entrants like Warner Bros Discovery, whose"Harry Potter"-based game"Hogwarts Legacy" was among the best-selling games in May, according to market research firm Circana.
EA forecast second-quarter net bookings in the range $1.70 billion to $1.80 billion, also below analysts' estimate of $1.81 billion.