GameStop Corp. Misses Q3 Views; Outlook Disappoints

GameStop Corp. GME blamed the delayed release of a popular computer game for an 18 percent decline in third-quarter profits Thursday. In the extended session recently, shares of the Grapevine, Texas retailer fell more than 12 percent, changing hands at $38.45. GameStop missed Wall Street's third quarter expectations and said its results were hurt by the delayed release of Assassin's Creed Unity game product. The company forecast fourth-quarter earnings of $2.08 to $2.24 a share, versus Wall Street's expectation of $2.28 a share. Fourth-quarter same-store sales performance will range from a 5 percent decline to growth of 2 percent, the company said. In the recent third quarter, same-store sales fell 2.3 percent. The company's third-quarter net income fell 18 percent to $56.4 million, or $0.50 cents a share, from $68.6 million, or $0.58 cents a share in the year-earlier period. Sales fell 0.7 percent to $2.09 billion, from $2.11 billion last year. Adjusted earnings were $0.57 cents a share, versus Wall Street's expectation of $0.61 cents a share on sales of $2.2 billion.