Major indices finish lower amid GE earnings disappointment >>> READ MORE

Radioshack Swings to Loss, Shares Rise

The struggling retail chain is looking for a new CEO


RadioShack (NYSE:RSH) announced on Tuesday that it lost $47 million during the third quarter. It earned $300,000 in the same period last year. The adjusted loss came to 33 cents a share, worse than 17-cent loss Wall Street had expected, Reuters noted.

The company said that sales slipped from $1.03 billion last year, to $1 billion. Despite the bad news, shares of RadioShack moved up almost 3% in Tuesday midday trading.

RadioShack Sends Out an SOS
RadioShack Sends Out an SOS

Like many electronics retailers, including Best Buy (NYSE:BBY), RadioShack is facing intense competition from online vendors, including Amazon (NASDAQ:AMZN). RSH has recently put a greater emphasis on selling mobile phones, including Apple‘s (NASDAQ:AAPL) iPhone, and wireless subscription plans from Sprint (NYSE:S), Verizon (NYSE:VZ) and AT&T (NYSE:T).

Analysts said the worse-than-expected quarterly results highlighted the need to recruit a new CEO who had “significant turnaround experience.” Last month, CEO James Gooch resigned and was replaced on an interim basis by CFO Dorvin Lively.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC