GME Stock Rallies on GameStop Earnings Beat

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Shares of GameStop (GME) climbed almost 5% in Friday morning trading after the video game retailer posted better-than-expected fiscal first-quarter earnings.

top video games, best video gamesGameStop reported a quarterly profit of $68 million, up from $54.6 million in the prior-year period. EPS of 59 cents topped the 57 cents that Wall Street had anticipated, Reuters notes.

During the first quarter, GameStop said it generated revenue of $1.99 billion, compared to $1.87 billion in the year-ago period. But that fell short of the $2.03 billion that analysts were looking for. Hardware revenue soared 81% during the quarter, while new gaming software revenue sank 20.4%.

GameStop said it expects fiscal second-quarter hearings of between 12 cents and 20 cents per GME share. Wall Street analysts have forecast current-quarter earnings of 17 cents per GME share.

On Thursday GME stock closed at $36.88 per share.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/05/gme-stock-rallies-gamestop-earnings-beat/.

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