Here's Why Shares of GameStop Are Losing Ground Friday

GameStop shares were lower Friday after reporting a quarterly revenue miss and weaker-than-expected comparable-store sales.
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GameStop (GME) - Get Report shares were lower Friday after reporting a quarterly revenue miss and weaker-than-expected comparable-store sales. The video game retailer said same-store sales fell by nearly 11 percent -- well beyond the four to seven percent drop analysts were modeling for the quarter. Earnings of $0.27 a share were in-line with expectations. But, revenue of $1.63 billion for the period missed analyst projections. Despite the disappointing report, WedBush analyst Michael Pachter says the longer-term outlook is still positive. Pachter said he expects the company to benefit from strong new games set to be released in the second half of the year as well as new hardware devices.

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