(Updated with stock price and analysis of stock movement.)
FORT WORTH, Texas (
) -- Despite missing third-quarter profit forecasts, shares of
are soaring on better-than-expected revenue.
Shares are rising by 14.5% to $17.93, as revenue came in at $990 million, somewhat dramatically surpassing the $961.7 million analysts expected.
During the quarter, the company earned $37.4 million, or 30 cents a share, down 24% from $49.1 million, or 38 cents, in the year-ago period. Results were one penny shy of analysts' estimates.
Total same-store sales dipped 2.9%, as RadioShack saw weakness in its laptop computers, converter boxes and wireless accessories.
The company has faced increased pressure from retailers like
. Earlier this month,
Best Buy has also been ramping up its mobile offerings and rolling out new Best Buy Mobile stores.
RadioShack has been incorporating more popular products like
iPod and iPhones and expanding its wireless offerings in an effort to compete with these rivals.
-- Reported by Jeanine Poggi in New York
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