GameStop’s Q1 Net Income Falls 25 Percent
GRAPEVINE (AP) - GameStop Corp. says its first-quarter net income fell 25 percent as revenue declined, but results at the world’s biggest video game retailer surpassed Wall Street’s expectations.
The Grapevine-based company on Thursday announced it earned $54.6 million, or 46 cents per share, in the three months that ended on May 4. That’s down from $72.5 million, or 54 cents per share, in the same period a year earlier.
Revenue fell 7 percent to $1.87 billion from $2 billion.
Analysts, on average, were expecting earnings of 40 cents per share on revenue of $1.82 billion.
GameStop’s report comes two days after Microsoft Corp. became the last of the three major video game console makers to unveil its new gaming system, the Xbox One.
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