UPDATE: GameStop Reports Q1 Profit of $80.4 million

GameStop Corp GME released its results for the first-quarter on Thursday. GameStop reported its Q1 profit at $80.4 million, or $0.56 per share, versus $75.2 million, or $0.48 per share, in the year-earlier period. Its revenue surged to $2.28 billion, from $2.1 billion. However, analysts were expecting earnings of $0.54 per share on revenue of $2.2 billion. GameStop projects its Q2 earnings of $0.20 to $0.23 per share, including $0.04 per share for strategic initiatives. The company continues to project 2011 earnings of $2.82 per share to $2.92 per share. However, analysts expected earnings of $0.28 per share for the second quarter and $2.92 per share for the year. GameStop shares dropped 5.55% to $25.20 in pre-market trading. Read more from Benzinga's Company news.