Electronic Arts has released its first quarter earning for its 2014 fiscal year, which ended June 30, 2013. Revenue dropped slightly to $955 million, from $949 million during the same quarter a year ago. Profits increased to $222 million, from $201 million.
"EA had a solid quarter driven by continued digital growth and disciplined cost management," said Executive Chairman Larry Probst. "We are also executing on a clear set of goals for leadership on mobile, PC, current and next generation consoles."
"EA delivered first quarter EPS above our guidance through a combination of revenue growth, phasing of expenses, and cost control," said CEO Blake Jorgensen. "We are reaffirming our annual non-GAAP guidance of $4 billion net revenue and $1.20 earnings per share."
Digital revenue continued to climb, while packaged goods took a hit. Digital sales jumped to $482 million, from $342 million a year ago. Packaged goods sales dropped to $452 million, from $592 million.
It wasn't GameStop or Walmart that were the strongest retailers for Electronic Arts, but Apple. Apple iOS titles The Simpsons: Tapped Out and Real Racing 3 are bringing in more revenue than ever before.
"Our quarter was notable for the high percentage of revenue attributable to digital games and services," explained EA COO Peter Moore in an earnings call yesterday. "To that end, Apple was EA's biggest retail partner measured by sales, and that, is a first."
Other strong digital sales include Battlefield 3 Premium and FIFA 13. Battlefield 3 Premium now has more than four million members and FIFA 13 digital revenue topped $70 million. This is a 92 percent increase compared to FIFA 12 during the same period a year ago.
EA also noted that its digital service Origin has surpassed 50 million registered users. Also 22 million of these users are from mobile devices. EA was also the number one publisher in the Western retail markets in calendar year 2013.
For the full 2014 fiscal year EA expects GAAP revenue to hit $3.5 billion and non-GAAP revenue to reach $4 billion.