Model Updates EA, GETY, MYPS

研报英文原文证据摘录

Model Updates EA, GETY, MYPS

J P M O R G A N North America Equity Research

12 May 2026

Model Updates

EA, GETY, MYPS

We updated our models following recent earnings for Electronic Arts, Getty Internet SMID & Video Games

ACImages, and Playstudios. We’re restricted on EA due to its pending take private and Cory A Carpenter

on GETY due to its proposed combination with Shutterstock, and thus we are (1-212) 270-8125

limited to factual only commentary for both of those companies. We remain cory.carpenter@jpmorgan.com

Underweight-rated on MYPS. Daniel Pfeiffer

(1-212) 622-0161

daniel.pfeiffer@jpmchase.com• Electronic Arts reported 4QFY results below consensus estimates and, as

expected, mgmt once again did not host a conference call nor provide an Andrew Watts

outlook due to the pending acquisition. Bookings of $1,864M (4% Y/Y) and (1-212) 622-9400

adj. EPS of $1.59 (1% Y/Y) missed consensus of $2,000M / $2.37, but EA still andrew.watts@jpmorgan.com

beat its initial full-year bookings outlook and met its initial full-year adj. EPS J.P. Morgan Securities LLC

outlook. Bookings upside this past year was largely driven by the highly

successful Battlefield 6 launch, Apex return to growth, and global football

growth in the mid-single-digit %s. The slight 4QFY shortfall could simply be

noise, with the company not having provided guidance in recent qtrs. In terms

of the pending take private, the press release noted that there are a limited

number of regulatory reviews outstanding, albeit there was no specific timing

update provided (vs. the prior April-June 2026 closing window). Our updated

model is available on request, but we do not have a rating or price target due

to J.P. Morgan acting as a financial advisor to Silver Lake in connection with

the proposed acquisition.