Shares of GameStop Corp. (GME) plunged 15.0% in premarket trading Wednesday, after the videogame retailer reported fiscal third-quarter results that were dented by the COVID-19 pandemic. Late Tuesday, GameStop reported a net loss of $18.8 million, or 29 cents a share, compared with a loss of $83.4 million, or $1.02 a share, in the year-ago quarter. Revenue plunged 30% to $1.00 billion from $1.44 billion a year ago. "Our third quarter results were in-line with our muted expectations and reflected operating during the last few months of a seven-year console cycle and a global pandemic, which pressured sales and earnings," GameStop Chief Executive George Sherman said in a statement announcing the results. Analysts surveyed by FactSet had expected a net loss of 80 cents a share on revenue of $1.09 billion. GameStop shares are up 179% this year through Tuesday. The broader S&P 500 index has improved nearly 15% in 2020.
-Jon Swartz; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 09, 2020 07:52 ET (12:52 GMT)
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