Investing.com -- Shares in Electronic Arts Inc (NASDAQ:EA) took a 3% nosedive in after-hours, after the California-based developer of popular video games such as Madden NFL 16 and FIFA 16 saw its revenue fall by 11% for its opening quarter of fiscal year 2016.
While the video game manufacturer experienced a 10% spike in digital net revenue on an adjusted basis, its overall revenue still fell to $693 million for the quarter, during a period usually rife with muted sales after the Holiday purchasing craze wears down. Electronic Arts attributed its digital growth in part to its Ultimate Team feature, which allows players to compete with friends and foes over an online platform.
"Q1 was a great start to fiscal year 2016 for Electronic Arts as we continue our journey to put our players first and deliver amazing entertainment experiences," said Chief Executive Officer Andrew Wilson. "We have players engaging for longer periods in our live services, ongoing strength across our digital business and growing anticipation for our upcoming titles."
Strong demand in the company's mobile products also helped bolster its growth expectations for the remainder of the year. Electronic Arts said the level of monthly active users for its mobile game titles averaged more than 150 million in its first quarter, as more than 16 million matches of FIFA 15 were played on average per day.
"EA delivered first quarter revenue, margins and EPS above guidance through strength in catalog sales and outperformance in digital live services offerings," said Chief Financial Officer Blake Jorgensen. "We are raising our full-year guidance today to reflect the momentum across our portfolio."
The company expects to earn full-year GAAP revenue of $4.3 billion, an increase of approximately $50 million.
Shares in Electronic Arts fell 2.30 or 3.18% in after-hours to $72.30. Last week, Electronic Arts shares surged to an all-time high of $74.79. Despite Thursday's slight decline, shares in Electronic Arts are still up more than 53% this year.