NEW YORK - GameStop Corp . (NYSE:GME) reported mixed third-quarter results on Tuesday, with earnings beating estimates but revenue falling short of expectations, sending shares down 1% in after-hours trading.
The video game retailer posted adjusted earnings per share of $0.06, surpassing the analyst consensus estimate of a $0.05 loss. However, revenue came in at $860.3 million, missing the $919.9 million analysts were expecting and declining 20.2% year-over-year from $1.08 billion.
GameStop's net sales breakdown for the quarter showed hardware and accessories revenue of $417.4 million, software revenue of $271.8 million, and collectibles revenue of $171.1 million.
The company reported net income of $17.4 million for the quarter, compared to a net loss of $3.1 million in the same period last year. GameStop ended the quarter with $4.62 billion in cash and marketable securities.
"We remain focused on right-sizing our cost structure while investing in growth initiatives," said CEO Matt Furlong in a statement.
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