GameStop misses 3Q profit and sales expectations, cuts forecast for year; Stock slumps

MarketsAssociated Press

GameStop shares fell Thursday after the company reported a third-quarter profit that missed expectations while also cutting its outlook for the year.

The Grapevine, Texas-based company said it earned an adjusted profit of 57 cents per share in its fiscal third quarter. Wall Street analysts expected 62 cents per share, according to Zacks Investment Research. The video game retailer's sales in the period, $2.09 billion, also fell short of analysts' forecast for $2.21 billion.

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GameStop said the delayed release of "Assassin's Creed Unity," the newest version of a popular video game, hurt its sales for the quarter, which ran through Nov. 1.

GameStop now expects per-share earnings for the year of $3.40 to $3.55 per share, down from its previous outlook of $3.40 to $3.70. Sales at stores open at least a year are expected to rise 2 percent to 5 percent compared with the 6 percent to 12 percent increase previously forecast.

GameStop shares fell $4.82, or 11 percent, to $39.05 in extended trading.