GameStop Corp (NYSE:GME) shares are trading lower Thursday on the heels of the company’s third-quarter financial results. Here’s a rundown of the report.
What Happened: GameStop reported third-quarter revenue of $1.078 billion, which was down from $1.186 billion year-over-year and came in below analyst estimates of $1.18 billion, according to Benzinga Pro. The video game retailer reported a quarterly loss of 1 cent per share versus a loss of 31 cents per share in the prior year’s quarter.
The company ended the quarter with $1.21 billion in cash, equivalents and marketable securities. Long-term debt remains limited to one low-interest loan related to the French government’s Covid-19 response.
This was GameStop’s first quarter with Ryan Cohen at the helm. Cohen was named president and CEO by the board in late September. For the third straight quarter, GameStop did not hold a conference call to discuss the quarter with investors and analysts.
Check This Out: GameStop Q3 Earnings Highlights: Revenue Beat, EPS Beat, Losses Continue To Improve Each Quarter
GME Price Action: GameStop shares were down 8.02% at $13.65 at the time of publication, according to Benzinga Pro.
Photo: JJBers from Flickr.
