GameStop Recoups Earlier Losses

GameStop GME released its quarterly earnings prior to the opening bell on Thursday. The company reported net income of $80.4 million or $0.56 per share, compared to $75.2 million or $0.48 per share in the year ago period. This compared to Wall Street consensus EPS estimates of $0.54. Revenues came in at $2.08 billion versus $2.23 billion in last year's corresponding quarter. GameStop also reiterated its full year earnings per share outlook of $2.82 to $2.92 which compares to current analysts' consensus estimates of $2.92. During Thursday's trading session, GME shares have lost 2.70% to $25.96, but are well off of their lows of the session at $24.55.