Gamestop is surging after earnings beat expectations
The consumer electronics retailer posted adjusted earnings per share of $0.68, a 15% year-over-year increase and beating estimates for $0.58 according to Bloomberg.
GameStop reported sales of $2.06 billion, an 8.1% increase in constant currency, beating estimates for $2.01 billion.
Same-store sales were up 8.6% in the quarter.
GameStop raised its diluted EPS guidance for the full year from $3.60-$3.80 to $3.63-$3.83, due to the reduction in shares outstanding.
The company repurchased $46.4 million worth of its shares in the first quarter; it has $400.9 million remaining on its share repurchase authorization.
CEO Paul Raines said in a statement: "Our first quarter results exceeded expectations, displaying our market leadership and our ability to drive and leverage our core video game business and expand our diversified businesses to deliver healthy profits and solid top-line growth."
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