NEW YORK (TheStreet) -- Shares of GameStop Corp. (GME) are higher by 4.96% to 42.95 in after-hours trading on Thursday, after the video game and related electronics retailer posted better than expected earnings results for the 2015 first quarter.
The company said it earned 68 cents per diluted share for the quarter ended May 2015. This figure exceeded the 59 cents per share analysts had forecast.
Revenue for the latest quarter grew by 3.2% year over year to $2.06 billion, while analysts were anticipating revenue of $2.01 billion.
"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," company CEO Paul Raines said in a statement.
"This performance confirms that our effort to transform GameStop into a family of specialty brands is the right strategy to drive durable revenues and shareholder value," Raines continued.
Insight from TheStreet Research Team:
TheStreet's Chris Laudani commented on GameStop earlier in today in a post on RealMoney.com. Here is what Laudani had to say about it:
Regardless of where the quarter comes in, I think investors will begin to buy the stock ahead of the holidays because 2015's second half has a strong slate of new releases. For example, GameStop will release Madden 2016 in August and FIFA Soccer in September. While sports will be strong over the summer, October will see the release of Halo 5: Guardians, Tom Clancy's Rainbow Six Siege and Assassin's Creed Syndicate.