Why Gamestop Stock Was Up After Earnings Today
Shares of Gamestop (NYSE: GME) were up 6.9% as of 12:18 p.m. ET on Thursday after the company reported earnings results on Wednesday. For the fiscal first quarter ending April 30, the video game retailer reported net sales of $1.38 billion, exceeding the consensus analyst estimate that called for $1.34 billion. However, the company's adjusted net loss fell short of analyst estimates.
Investors were obviously more impressed with the sales beat. The stock's post-earnings bounce recovered some of the losses shareholders have experienced year to date. The shares are currently down 11.7% since the beginning of the year, slightly outperforming the S&P 500 loss of 13.4%.
Source Fool.com
