GameStop Corp. (GME) stock dropped on Friday after the company released its Q1 earnings report.
GameStop’s revenue for the first quarter of 2016 was $1.97 billion, which matches what analysts were expecting from the company. Revenue from the same time last year was $2.06 billion.
Earnings per share reported by GameStop in Q1 2016 was 66 cents. This is four cents better than the 62 cents that Wall Street was expecting. The company reported EPS of 68 cents in Q1 of 2015.
Despite the positive earnings news, GameStop’s outlook for Q2 is below estimates. It’s expecting EPS to range from 23 cents to 30 cents and same store sales to be down by 4% to 7%. Analysts are expecting EPS of 33 cents from the company.
GME stock was down 5% as of Firday morning.
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