GameStop Knocks Off Estimate
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GameStop reported better-than-expected first-quarter earnings Thursday as sales more than doubled, thanks to the acquisition of Electronics Boutique. Who said that all gaming companies are doing bad?
GameStop earned $11.7 million, or 15 cents a share, in the quarter, compared with $10.3 million, or 19 cents a share, a year ago (the average number of diluted shares rose 44%, year over year). On average, analysts had been expecting earnings of 5 cents a share in the most recent quarter. First-quarter sales were $1.04 billion, up from $474.7 million. Analysts were expecting sales of $1.03 billion in the most recent quarter.
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