Video game maker Electronic Arts reported strong quarterly results and issued a healthy outlook Tuesday thanks in part to Apex Legends — a popular, free-to-play multiplayer game that is similar to Fortnite
Shares of Electronic Arts rose as much as 2% Wednesday on the news. The stock is now up about 20% this year. Apex Legends, which was released in February, is the"fastest-growing new game we've ever had," EA chief executive Andrew Wilson told analysts on a conference call Tuesday evening. He said the game reached a"milestone 50 million players," and added that"millions more have continued to join." Nearly 30% of the game's players are new to EA, Wilson added.
That opens up another lucrative revenue stream for EA beyond the sale of physical games, downloads and in-game purchases.Can EA become the Netflix of gaming subscriptions?"EA is building a Netflix for video games," Needham analyst Laura Martin wrote in a report. She estimates that EA will generate about $240 million in subscription revenue this year.EA also has big international opportunities that may not yet be factored into the company's outlook, either.
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