GameStop has officially released its first quarter results for 2019, reporting earnings beat while having revenue miss during the period. The revenue miss prompted its shares to drop 4% further after the call.
GME stock faced a 1.6% decline during the release of the financial report for the first quarter of 2018. Consequently, it also faced a 2.8% fall after which also served as the concluding record for the trading period.
The gaming retail company also indicated that the store sales also faced declines by at least 5.3%. It went beyond the expected data of a 4.2 percent drop in same-store sales, reports state.
During the same fiscal year, the company also noted a net income of $28.2 million, or 28 cents per share. This was a rather decline if to compare from last year’s records of $59 million, or 58 cents per share of the same period.
GameStop is an American video game, consumer electronics and wireless services retailer.
More so, the company also indicated a sharp net sales drop which saw a 5.5% decline during the period to $1.93 billion.
Analysts also announced their outlook for the second quarter of the company’s report. According to them, the earnings per share could perform around the midpoint guidance of 9 cents. Additionally, the sales midpoint should be around $1.63 billion for the upcoming quarter.
As for the company’s own take, the company revised the 2018 outlook with adjusted earnings possibly hitting $3 to $4.35 per share for the upcoming period.
In other news, GameStop also announced on Thursday that Shane Kim will be now acting as the interim chief executive officer. The retailer has struggled in the past times due to its recent management changes, especially during the times when Chief Executive J. Paul Raines passed away two months ago. Also in May, the company noted that the Mike Mauler as the successor of the position also stepped down due to personal reasons.
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