What’s Going On With GameStop Stock Today?
GameStop Corp GME shares are trading slightly lower Thursday after the companyreported its third-quarter financial results.
What Happened:GameStop reported third-quarter revenue of $1.186 billion, which was down from $1.297 billion in the prior year's quarter. The number also came in below average analyst estimates of $1.35 billion, according toBenzinga Pro.
GameStop reported a third-quarter net loss of 31 cents per share, which missedaverage analyst estimatesfor a loss of 28 cents per share.
The company said sales attributable to new and expanded brand relationships were strong in the quarter, while sales in the collectibles category "remained strong on a year-to-date basis."
Check This Out:GameStop Stock Jumps On Q3 Results Despite Earnings Miss, Revenue Miss, Absent Guidance
GameStopCEO Matthew Furlong reportedlysaid on aconference call with investors late Wednesday the company "is attempting to accomplish something unprecedented in retail … seeking to transform a legacy business once on the brink of bankruptcy," per CNBC.
The company plans tocontinue to cut costsand strengthenits cash position in an effort to bein a position to explore potential acquisitions, according to Furlong.
The GameStop CEO didnt provide any forward guidance or offerany updates related tothe company'srecently ended partnership with FTX.
GME Price Action:GameStop has a 52-week high of $49.85 and a 52-week low of $19.40.
The stock is up 0.04%at $22.25at time of publication, according toBenzinga Pro.
Photo:JJBersfrom Flickr.
