(AXcess News) Houston – Even though Staples, Inc. (Nasdaq: SPLS) reported lower earnings for the third-quarter, investors jumped on board, pushing the nation’s No. 1 office supply chain’s shares up over 10 percent.
The increase in market price for Staples shares was the largest one-day gain its seen in over five years, trading up $2.05, or 10.37%, at $21.81 as of 3:31pm EST Tuesday.
Staples third-quarter net income fell 5.3 percent, or 38 cents per share. A consensus of analysts was that Staples would lose 40 cents per share, 2 cents more than Staples reported.
Staples profit margin got a boost from sales of more profitable ink cartridges, toner and copy services over less profitable computer sales.