22 NOV

GameStop spikes after the Nintendo Switch boosts sales (GME)

Getty Images/Michael Kovac

Shares of GameStop spiked as much as 15% after the video game retailer beat expectations. Shares have given up the majority of their gains and are now up 4%.
GameStop reported adjusted earnings of $ 0.54 cents per share, well above Wall Street’s expected $ 0.44 that Wall Street was expecting.
The Texas-based company reported revenue rose 1.5% versus a year ago to $ 1.99 billion thanks to high demand for the Nintendo Switch.
“Our third quarter sales results were driven by strong software demand and continued momentum for Nintendo Switch and collectibles,” Interim Chief Executive Officer Dan DeMatteo said in the earnings release.
Same store sales were up 1.9%, compared to the expected drop of 2.4%.
GameStop expects full-year 2017 earnings per share of between $ 3.10 to $ 3.40. Wall Street was anticipating 2017 EPS of $ 3.31.
Shares are down 30.56% this year.

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Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.