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GameStop shares drop after results fall short of expectations

Earnings fell short of expectations, whereas revenue was better.

GameStop Corp (NYSE:GME) shares were down more than 8% in Friday’s pre-market dealing after results, released after yesterday’s close, fell short of investor expectations.

The video game retailer reported a US$22.2mln second quarter profit, with earnings per share amounted to 15 cents - while Wall Street consensus was for 16 cents.

Revenue, however, amounted to US$1.69bn which was better than expectations for US$1.62bn.

Full year earnings guidance was said to be $3.10 to $3.40 per share.

In New York on Friday, GameStop shares were down US$1.88 or 8.63%.