GameStop Falls 4.1% On Revenue Miss (GME)

Shares of GameStop Corp. GME are currently down 4.1% at $20.13 per share during Thursday afternoon trading. Today's trading range for shares of GameStop Corp. has been between $20.06 and $21.67 per share. The consensus price target of analysts covering the company's stock is $26.54 per share. Volume of 7.1 million shares is already nearly double the daily average volume of 3.7 million shares. GameStop Corp. (GME) released mixed financial results early Thursday morning. GameStop Corp. reported 3rd quarter adjusted earnings of 38 cents per share, on revenue of $1.9 billion. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 37 cents per share, on revenue of $1.95 billion. Executive chairman Dan DeMatteo said, “Several technology and consumer initiatives have entered the market, each of them strengthening our core business and establishing GameStop as the retail leader in providing consumers with exciting ways to experience video gaming. The PowerUp Rewards™ Loyalty Program, Kongregate.com, in-store digital content sales and a re-tooled gamestop.com were all implemented to expand market share and increase our share of wallet. Lastly, the on-going execution of share buybacks and debt retirement reinforces our commitment to exercise disciplined capital allocation practices to maximize shareholder returns.” Read more from Benzinga's Company news.