GameStop Corp. (NYSE: GME) missed revenue and earnings expectations for the second quarter of 2019, sending the stock crashing 16% in aftermarket hours on Tuesday.
Total global sales fell 14.3% year-over-year to $1.29 billion, missing estimates of $1.34 billion. On a constant currency basis, sales declined 13.1%. Consolidated comparable store sales were down 11.6%.
On a GAAP basis, net loss widened to $415.3 million, or $4.15 per share, from $24.9 million, or $0.24 per share, in the prior-year quarter, due to a goodwill impairment charge. Adjusted net loss from continuing operations was $32 million or $0.32 per share. Analysts had forecast a loss of $0.20 per share.
New hardware sales fell 41.1%, reflective of recent announcements for next generation console launches in 2020. New software sales dropped 5.3%, as growth in Nintendo Switch software titles was more than offset by weaker title launches across other consoles.
Accessories sales decreased 9.5%. Pre-owned sales declined 17.5% with declines in hardware and software. Digital receipts were down 11.2% to $227.2 million due to weaker title launches. Collectibles sales rose 21.2%, helped by strong double-digit growth in domestic and international stores.
For fiscal year 2019, GameStop expects comparable store sales to decline in the low teens. Adjusted EPS is expected to be $1.15-1.30.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
Domino’s Pizza (DPZ) Q1 2025 Earnings: Key financials and quarterly highlights
Domino’s Pizza, Inc. (NASDAQ: DPZ) reported its first quarter 2025 earnings results today. Revenues increased 2.5% year-over-year to $1.11 billion, primarily due to higher US franchise advertising revenues, higher supply
Earnings Preview: Microsoft expected to report higher Q3 revenue, profit
Tech behemoth Microsoft Corp. (NASDAQ: MSFT) is preparing to report its third-quarter 2025 results, amid expectations for a year-over-year increase in revenue and earnings. The company has performed well recently,
What to expect when eBay (EBAY) reports its Q1 2025 earnings results
Shares of eBay Inc. (NASDAQ: EBAY) were down slightly in midday trade on Friday. The stock has gained 8% year-to-date. The ecommerce giant is slated to report its earnings results
Comments
Comments are closed.