GameStop: Fiscal 3Q Earnings Snapshot
GRAPEVINE, Texas (AP) _ GameStop Corp. (GME) on Thursday reported a fiscal third-quarter loss of $488.6 million, after reporting a profit in the same period a year earlier.
The Grapevine, Texas-based company said it had a loss of $4.78 per share. Earnings, adjusted for asset impairment costs, were 67 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
The video game retailer posted revenue of $2.08 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $2.04 billion.
GameStop expects full-year earnings in the range of $2.55 to $2.75 per share.
GameStop shares have decreased 18 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 2 percent. In the final minutes of trading on Thursday, shares hit $14.67, a fall of 25 percent in the last 12 months.