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GameStop’s shares tumble as quarterly results miss expectations

Published 08/25/2017, 03:22 PM
© Reuters. GameStop’s shares tumble as quarterly results miss expectations
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Investing.com - GameStop Corp 's (NYSE:GME) shares fell on Friday following the company’s release of its second quarter results which missed expectations.

GameStop reported Q2 adjusted EPS of $0.15 on revenue of $1.69 billion, compared to analysts' forecasts of $0.16 and $1.64 billion, respectively. The company noted a decline in U.S. comparable store sales in the quarter with U.S. same store sales fall 1.4% although international same store sales climbed 9.8%.

New hardware sales grew 14.8%, but new software sales and pre-owned sales fell 3.4% and 7.5%, respectively. Digital sales grew 28.1%.

GameStop reaffirmed its fiscal 2017 EPS guidance of $3.10-$3.40. Analysts expect fiscal 2017 EPS of $3.31.

GameStop's shares were down 10.5% Friday afternoon on high trading volumes. Just ahead of the closing bell, 16.73 million shares had changed hands, about ten times the 30-day average of 1.96 million shares traded per day.

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