CORRECTION: GameStop said it lost $94.7 million, or 31 cents a share, in the third quarter, compared with a loss of $105.4 million, or $1.39 a share, in the prior year’s quarter. A previous tweet that misstated the prior loss has been deleted:
GameStop Corp. reported third-quarter results that missed analysts’ estimates as well as a revenue decline after the market close on Wednesday.
Analysts surveyed by FactSet expected GameStop GME, -4.83% to report an adjusted loss of 28 cents a share on sales of $1.345 billion. Inventory was $1.131 billion at the end of the quarter, compared with $1.141 billion at the end of the prior year’s third quarter. The company also ended the quarter with $1.042 in cash, cash equivalents and marketable securities. GameStop’s long-term debt remains limited to a low-interest, unsecured term loan associated with the French government’s response to COVID-19, the company said.
GameStop, like its fellow meme stock AMC Entertainment Holdings Inc. AMC, -10.37% , was a major beneficiary of the meme-stock buying frenzy in January 2021, which sent the struggling company’s shares skyrocketing to dizzying heights. Between January and March 2021, GameStop’s stock price rose more than 1,200% and the company’s market cap surpassed $17 billion. The company’s market cap is now around $7.1 billion.
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