83.2 F
Fort Worth
Sunday, September 27, 2020
- Advertisements -
Banking GameStop stock gets hammered as holiday software sales disappoint

GameStop stock gets hammered as holiday software sales disappoint

Other News

Petalo, not Charmin: Virus brings Mexican toilet paper to US

By JOSEPH PISANI AP Retail Writer NEW YORK (AP) — Toilet...

Wall Street posts solid gains after surge in corporate deals

By ALEX VEIGA and DAMIAN J. TROISE AP Business Writers Wall Street kicked off the week with a broad...

Mall owners close to buying JC Penney out of bankruptcy

By ANNE D'INNOCENZIO AP Retail WriterNEW YORK (AP) — Mall owners Simon Property Group and Brookfield Property Partners are close to a...

At Home launches collection with Fort Worth connection

At Home Group Inc. (NYSE: HOME), The Home Décor Superstore, has debuted an exclusive collection with interior...
Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

GameStop Corp. tumbled 5.5 percent after investors were disappointed with the video game store operator’s holiday season sales, particularly a decline in new software sales, which declined 9.7 percent. The stock lost $1.62 to $27.76 in early morning trading on the NYSE.

The Grapevine-based video game retailer reported it was lowering earnings and same-store sales outlook for both the fourth quarter and full fiscal year 2015.

Sales of new hardware increased 4.5 percent, as consumers were motivated by manufacturer promotions for Sony’s PlayStation 4 and Microsoft’s Xbox One, according to the company.

PlayStation 4 and Xbox One combined new software sales increased 38 percent compared with the prior year holiday period, in which they grew 94.4 percent. Despite this growth, new software sales declined 9.7 percent, primarily due to fewer Nintendo titles available compared to last year and declines in prior generation software sales.

The company said it expects earnings per share of $2.19 to $2.25 in the fourth quarter ending Jan. 31, versus its previous projection of $2.12 to $2.32 per share. Analysts anticipated $2.26, the average of predictions compiled by Bloomberg.

GameStop also projected a narrower fiscal year 2015 earnings outlook to a range of $3.69 to $3.75 from a previous range of $3.66 to $3.86. – this story includes material from the Associated Press

- Advertisements -
- Advertisements -

Latest News

Insider Q&A: Accenture directs capital to Black start-ups

By ALEXANDRA OLSON AP Business WriterNEW YORK (AP) —Kathryn Ross was one of just two Black women in Accenture's Miami office when...

Initial public offerings to debut next week include sporty Texas offering

NEW YORK (AP) — The following is a list of initial public offerings planned for the coming week. Sources include IPO ETF...

Encore Bank announces DFW expansion; names Fort Worth president

Encore Bank Vice Chairman and President Phillip Jett announced Sept. 23 the expansion of Encore Bank into Dallas and Fort Worth and the hiring of...

New measurements show moon has hazardous radiation levels

By MARCIA DUNN AP Aerospace Writer CAPE CANAVERAL, Fla. (AP) — Future moon explorers will be bombarded with two...

Southside Bancshares to ring NASDAQ opening bell on Monday, Sept. 28

Southside Bancshares Inc. (Nasdaq: SBSI), the holding company of Southside Bank, will ring the Nasdaq Opening Bell on Sept. 28, 2020 from...