GameStop, the biggest video game retailer in the United States, has projected its first-quarter revenue below the estimates of financial analysts. The company blamed sluggish hardware sales and the lack of major videogame releases.
The newly merged companies, H.J. Heinz Co. and Kraft Foods Group Inc. — now called as Kraft Heinz Co., reported a fall in revenues before the merger happened. According to the executives, they are now focusing on integrating the two companies.
Time Warner reported an increase of revenue for the second quarter, exceeding analysts’ expectations. The company has identified the sales of video games and television programming as the reason for the rise of their revenue.
Tyson Foods reportedly failed to meet the forecasted quarterly revenue due to high cattle costs. In addition, cutting of prices to clear out a significant inventory due to a shipment issue in West Coast port also affected its quarterly profit.