Gamestop Shares Retreat on Preliminary First Quarter Results

Gamestop Shares Retreat on Preliminary First Quarter Results

GameStop shares fell after the business announced preliminary first-quarter earnings, stating that it expected a drop in revenues but a narrower deficit in the spring quarter.

The stock fell 10% to $24.84 in premarket trading. Shares had gained 58% year to date when the market closed.

The video game store said Friday that it expected a loss of $27 million to $37 million for the 13 weeks ended April 29, down from a $50.5 million loss in the same quarter last year.

Sales are estimated to be $872 million to $892 million, a decrease from $1.24 billion in the previous quarter. FactSet surveyed two experts, who expected the company to still break $1 billion on the top line.

Overhead costs are estimated to be in the $290 million to $300 million range, down from $345.7 million last year.

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