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GameStop’s Stock Falls 8% On Earnings Miss

Baystreet - Thu Dec 7, 2023
GameStop’s (GME) stock is down 8% after the video game retailer posted financial results that missed Wall Street targets.

For its fiscal third quarter, GameStop reported a loss of $0.01 U.S. per share. That was better than the loss of $0.08 U.S. that analysts had expected.

However, the company’s revenue came in at $1.08 billion U.S., which was below forecasts of $1.18 billion U.S.

GameStop said that its hardware and accessories sales declined to $579 million U.S. in fiscal Q3, down from $627 million U.S. a year earlier. Software sales fell to $321 million U.S. from $352 million U.S. a year ago.

The company also announced that its board of directors has approved a new investment policy that will allow GameStop to invest in stocks and other investment vehicles.

Typically, GameStop has invested its excess cash in investment grade short-term fixed income securities.

The company had $1.20 billion U.S. in cash on hand at the end of October this year.

Before today (Dec. 7), GameStop’s stock had been down 14% and trading at $14.84 U.S. per share.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.