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- 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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