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GameStop beats 4Q profit forecasts

GRAPEVINE, Texas (AP) _ GameStop Corp. (GME) on Thursday reported fiscal fourth-quarter earnings of $208.7 million.

On a per-share basis, the Grapevine, Texas-based company said it had net income of $2.04. Earnings, adjusted for one-time gains and costs, came to $2.38 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.29 per share.

The video game retailer posted revenue of $3.05 billion in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $3.12 billion.

For the year, the company reported profit of $353.2 million, or $3.40 per share. Revenue was reported as $8.61 billion.

GameStop expects full-year earnings to be $3.10 to $3.40 per share.

GameStop shares have dropped 5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 5 percent. In the final minutes of trading on Thursday, shares hit $23.96, a drop of 21 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GME at https://www.zacks.com/ap/GME

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Keywords: GameStop, Earnings Report