GameStop Corp. (NYSE: GME) reported a narrower net loss for the third quarter of 2022 despite the gaming company’s sales decreasing year-over-year.
The company reported a net loss of $94.7 million or $0.31 per share for the latest quarter, on a reported basis, compared to a loss of $105.4 million or $0.35 per share in the same period of last year. The adjusted loss was $0.31 per share, compared to a loss of $0.35 per share in the prior-year quarter. However, the latest number missed estimates.
At $1.19 billion, third-quarter net sales were down 9% from the year-ago period. The top line also fell short of analysts’ estimates.
Check this space to read management/analysts’ comments on GameStop’s Q3 2022 earnings
Sales attributable to new and expanded brand relationships were strong in the quarter. Sales in the collectibles category also remained strong on a year-to-date basis.