Oct 29 (Reuters) - Electronic Arts Inc on Tuesday beat Wall Street estimates for quarterly revenue, boosted by the continued success of its battle royale sensation “Apex Legends”.
The company said strong growth in EA Sports titles, that includes FIFA Ultimate Team as well as Sims 4, its life simulation franchise, boosted live services in the quarter.
The beat comes at a time when console-based game franchises are competing with mobile-based, free-to-play games with engaging formats, challenging the dominance of traditional publishers like EA and its rivals Activision Blizzard and Take-Two Interactive Software Inc.
On an adjusted basis, the video game publisher’s revenue rose 4.5% to $1.28 billion, beating analysts’ expectation of $1.25 billion, according to IBES data from Refinitiv.
Net income rose to $854 billion, or $2.89 per share, for the second quarter ended Sept. 30, from $255 billion, $0.83 per share, a year ago.
The company recorded an income tax-benefit of $625 million in this quarter. (Reporting by Ayanti Bera in Bengaluru; Editing by Shailesh Kuber)