Why Electronic Arts Stock Rocketed After Earnings

In a curious turn of events, video game giant Electronic Arts (NASDAQ: EA) reported an apparent earnings miss last night -- and then its stock rocketed higher.

Expected to report pro forma profits of $1.43 per share with net bookings (note: this is different from sales) of $1.77 billion for its fourth fiscal quarter of 2022, EA instead reported a mere $0.80 per share profit under generally accepted accounting principles (GAAP) with net bookings of $1.75 billion.

Regardless, as of 11:25 a.m. ET this morning, EA stock is up 12.2%.

Source Fool.com