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Gamestop Corp(GME-N)

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GameStop Stock Slips After Q3 Earnings Release

Baystreet - Fri Dec 8, 2023
GameStop is a Grapevine, Texas-based specialty retailer that is focused on providing games and entertainment products through its stores and ecommerce platforms in the United States, Canada, Europe, and around the world. Shares of this video game retail stock have climbed 13% so far in 2023 as of close on Wednesday, December 6. Meanwhile, the stock has jumped 8.8% over the past month.

The stock stole headlines in 2021, along with other so-called “meme stocks” like AMC Entertainment and Blackberry. In January 2021, a gaggle of investors and traders on Reddit made it their mission to punish the gigantic shorts that hedge funds had taken out on the struggling retailer. On January 28, at the height of the short squeeze, GameStop reached a pre-market value of over US$500 per share. That works out to $125 per share.

Shares of GameStop are currently trading at $16.36 per shares as of close on Thursday, December 8, 2023. GameStop stock has now plunged 34% year-over-year at the time of this writing. The stock has struggled over the past year, but there are some positives to glean from the company’s recent earnings.

In the third quarter (Q3) of fiscal 2023, GameStop posted net sales of $1.07 billion. Moreover, its net loss improved to $3.1 million compared to a net loss of $94.7 million in Q3 fiscal 2022. GameStop boasts a terrific balance sheet, as long-term debt remains limited to one low-interest, unsecured term loan.

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