Electronic Arts Lowers FY22 Sales Outlook; Shares Down

(RTTNews) - While reporting financial results for the third quarter on Tuesday, Electronic Arts Inc. (EA) lowered its sales outlook for the full year 2022. Shares of the company slipped over 5% in the extended trading session.

The company said it now expects revenue of about $6.925 billion and adjusted revenues of $7.525 billion. This compares to previous guidance of revenues of $6.925 billion and adjusted revenues of $7.625 billion. Analysts polled by Thomson Reuters currently expect revenues of $7.62 billion for the full year.

For the full year, the company expects earnings per share to be approximately $2.43, compared to prior estimate of $2.03.

EA closed Tuesday's trading at $129.94, down $2.72 or 2.05%, on the Nasdaq. The stock further dropped $7.52 or 5.79% in the after-hours trade.