On Tuesday, Electronic Arts Inc. (NASDAQ: EA) announced its financial results for the fourth quarter ended March 31, 2017 after the closing bell.
In the report, total net revenue increased 16.8% from $1.31 billion to $1.53 billion in the fourth quarter. Earnings per share dropped from $899 million, or $2.79 per share the same period last year to $566 million, or $1.81 per share in the recent quarter. The company also announced a new program, which expires on May 31, 2019, to repurchase up to $1.2 billion of common stock.
For the first quarter of fiscal 2018, net revenue is expected to be about $1.43 billion, and earnings per share is expected to be $1.93 per share. For the full-year 2018, net revenue is expected to be around $5.08 billion. Earnings per share is expected to be around $3.57 per share.
“Fiscal 2017 was a milestone year for Electronic Arts, defined by groundbreaking games and live services that delivered more fun and connected more players with their friends,” Andrew Wilson, the Chief Executive Officer of the company, said in the statement.
“In Fiscal 2018, we are focused on innovating for our players with extraordinary new experiences across our portfolio, continuing to grow our global network, and extending our reach across new platforms and more ways to play,” he said.
Blake Jorgensen, the Chief Financial Officer of Electronic Arts, said in the statement that the net sales and operating cash flow in fiscal 2017 were motivated by “ongoing transition to digital as well as our increasing success with live services”.