GameStop Corp (NYSE:GME) reported financial results for the third quarter after the market close on Tuesday. Here’s a look at the key details from the video game retailer’s report.
Q3 Highlights: GameStop posted third-quarter revenue of $821 million, missing analyst estimates of $987.28 million. The company reported adjusted earnings of 24 cents per share for the third quarter, beating analyst estimates of 20 cents per share, according to Benzinga Pro.
Third-quarter revenue was down about 4.5% on a year-over-year basis. Here’s a breakdown of revenue by category:
- Hardware and Accessories: $367.4 million, down from $417.4 million year-over-year
- Software: $197.5 million, down from $271.8 million year-over-year
- Collectibles: $256.1 million, up from $171.1 million year-over-year
GameStop generated operating income of $41.3 million in the quarter versus an operating loss of $33.4 million in the comparable quarter last year.
The retailer said it ended the period with approximately $8.8 billion in cash, cash equivalents and marketable securities. GameStop also had Bitcoin (CRYPTO: BTC) holdings valued at $519.4 million at quarter’s end after adding the cryptocurrency to its balance sheet earlier this year.
GameStop didn’t schedule a third-quarter earnings call. The company has not held a conference call to discuss its quarterly financial results since early 2023.
GME Price Action: GameStop shares were down 5.67% in after-hours, trading at $21.80 at the time of publication on Tuesday, according to Benzinga Pro.
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