GameStop stock falls after retailer reports mixed Q3
Shares of GameStop Corp. (GME) fell more than 3% in the extended session Wednesday after the specialty retailer reported mixed third-quarter earnings, showing a larger-than-expected quarterly loss and sales that were above estimates. GameStop said it lost $105.4 million, or $1.39 a share, in the quarter, compared with a loss of $19 million, or 29 cents a share, in the year-ago period. Sales rose to $1.3 billion from $1 billion a year ago, GameStop said, with growth in part attributed to "new and expanded brand relationships." FactSet consensus called for a loss of 52 cents a share on sales of $1.19 billion for the company. Inventory was $1.14 billion at the end of the quarter as the company sought to front-load investments in inventory "to meet increased customer demand and mitigate supply chain issues," GameStop said. The company ended the quarter with $1.41 billion in cash and equivalents and no debt other than a $46.2 million low-interest, unsecured loan, it said. Shares of GameStop ended the regular trading day down 2.3%.
(END) Dow Jones Newswires
December 08, 2021 16:21 ET (21:21 GMT)
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