Electronic Arts lowers bookings expectation amid gaming slowdown

　　Electronic Arts lowers bookings expectation amid gaming slowdown

　　(Reuters) – Electronic Arts Inc lowered its annual bookings forecast on Tuesday, indicating that the downturn in the gaming market is set to continue this year as consumers are cautious about discretionary spending in the face of still-high inflation.

　　The Redwood City, California-based company now expects annual bookings between $7.07 billion and $7.17 billion, compared with $7.65 billion to $7.85 billion forecast earlier.

　　Shares were down nearly 6% in extended trading.

　　The forecast follows a grim gaming outlook from Xbox maker Microsoft Corp and indicates that a downturn in the industry would continue this year, after the market shrank 4.3% in 2022, according to estimates from analytics firm NewZoo.

　　Despite recent launches and a line-up that features popular s such as “FIFA”, the videogame publisher also posted adjusted sales of $2.34 billion for the quarter ended Dec.31, compared with analysts estimates of $2.51 billion.

　　EA Chief Executive Officer Andrew Wilson said that the current macro environment impacted its third-quarter results.

　　On an adjusted basis, the company earned $2.80 per share, compared with analysts estimates of $3.05 per share, according to Refinitiv IBES data.

　　(Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber)

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