GameStop spikes after the Nintendo Switch boosts sales

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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.

Gamestop stock price

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Markets Insider