Noting the firm tracks monthly IAP revenues of 500-plus mobile games across five video game stocks on Sensor Tower for intra-quarter reads, BofA says that after two consecutive years of year-over-year declines, the U.S. mobile gaming market has returned to growth. For Electronic Arts (EA), the firm is expecting strong Q4 on FC Mobile reacceleration. December mobile IAP revenue grew 12% month-over-month as FC Mobile picked up momentum, BofA highlights. In Q4, 3P estimates suggest +7% quarter-over-quarter, likely above Street expectations. The firm sees a possibility for actual Q4 bookings to exceed tracking due to 3P data’s exclusion of FC Mobile Webstore. Nevertheless, its FY25 Mobile forecast remains below management’s indication. BofA has a Buy rating on the shares with a price target of $170.
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