GameStop Falls Short of Analyst EPS Target Despite 800% E-Commerce Growth

GameStop (NYSE: GME) today reported a scorching 800% surge in its e-commerce sales and a slight beat on revenue during the second quarter of 2020. Nevertheless, it missed analyst consensus forecasts for earnings per share. Investors already expected the video game and software retailer to take a heavy negative hit from the COVID-19 pandemic, and CEO George Sherman still says the "second quarter saw strong progress toward our strategic initiatives."

Net sales fell 26.7% year over year to $942 million, while the consensus estimate reported by Zacks Equity Research was $937.5 million and a 27.1% sales drop. GameStop therefore delivered a slim 0.48% positive surprise above analyst predictions. Looking at Q2 2019's $0.32 loss per share, analysts expected a $1.27 loss per share. Actual adjusted EPS amounted to a $1.40 loss per share, $0.13 higher than anticipated.

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Source Fool.com