GameStop: Fiscal 1Q Earnings Snapshot
GRAPEVINE, Texas (AP) _ GameStop Corp. (GME) on Tuesday reported fiscal first-quarter earnings of $6.8 million.
The Grapevine, Texas-based company said it had profit of 7 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 2 cents per share.
The video game retailer posted revenue of $1.55 billion in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $1.67 billion.
GameStop shares have fallen 38% since the beginning of the year, while the Standard & Poor’s 500 index has risen 12%. In the final minutes of trading on Tuesday, shares hit $7.83, a fall of 45% in the last 12 months.