EA lowers bookings expectation on strong dollar, gaming slowdown

FILE PHOTO: An Electronic Arts office building is shown in Los Angeles, California, U.S., July 27, 2020. REUTERS/Mike Blake

(Reuters) -Electronic Arts Inc lowered its annual bookings forecast on Tuesday as the publisher of "FIFA" and "Apex Legends" struggles with this year's surge in the U.S. dollar and a gaming industry slowdown from pandemic heights. The company now expects annual bookings - an indicator of future revenue - between $7.65 billion and $7.85 billion, compared with $7.90 billion to $8.10 billion earlier. After a meteoric rise during the pandemic, videogame sales have been easing this year due to a lack of major releases and lower spending by consumers facing decades-high inflation.

That, coupled with the industry's prolonged supply-chain challenges, also pressured quarterly revenue from Sony Corp's PlayStation 5 and Microsoft Corp's Xbox content and services.