Scalper1 News
GameStop fell sharply Friday as some investors declared “game over” for the stock. The video game retailer late Thursday reported Q3 earnings that missed expectations by a wide margin. GameStop earned 57 cents a share excluding items on sales of $2.09 billion for the quarter that ended Nov. 1. Analysts polled by Thomson Reuters had expected 61 cents and $2.2 billion. Earnings per share fell 2% from the year-earlier period, while sales slipped 1%. GameStop blamed the delayed release of Ubisoft’s “Assassin’s Creed Unity” for hurting Q3 sales. Comparable store sales were down 2.3% in the period. GameStop (GME) stock was down 14%, near 37, in morning trading on the stock market today. During the quarter, new hardware sales increased 147%, outpacing industry growth of 102%, fueled by next-generation consoles from Microsoft (MSFT) and Sony (SNE). But new software sales declined 34% as the retailer faced difficult comparisons to … Scalper1 News
Scalper1 News