Shares of GameStop Plunge On Lower Revenue, Delayed Game Release

Shares of GameStop plunged on Friday after a disappointing earnings report on Thursday, making it TheStreet's move of the day.
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Shares of GameStop plunged on Friday after a disappointing earnings report on Thursday, making it TheStreet's move of the day. The company said global sales dropped 0.7% during the third quarter to $2.09 billion, largely on the heels of a delayed release of one of its biggest games, Assassin's Creed Unity. Top line estimates for the quarter stood at $2.2 billion. Comparable sales also dropped 2.3%, although hardware sales jumped 147% based on higher demand for game systems like Xbox One and PlayStation 4. The gaming retailer also missed estimates on net income. It posted earnings per share of $0.57, even though Wall Street expected $0.60. Shares ended the trading day down 13%. TheStreet's Scott Gamm reports from New York.