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RadioShack Is Tanking

Rob WileJun 10, 2014, 16:52 IST

Wikimedia Commons

RadioShack shares are off more than 8% pre-market after the electronics retailer reported much wider losses than expected.

The firm posted a net loss of $98.3 million, or $0.97 a share. Analysts were looking for a loss $28 million, or $0.28 a share.

Sales fell 13% YOY to $736.7 million.

"Overall, our first quarter performance was challenged by an industry-wide decline in consumer electronics and a soft mobility market which impacted traffic trends throughout the quarter," Chief Executive Joseph Magnacca said in a statement.

Shares were trading at around $1.44.