GameStop (NASDAQ: NYSE) Tuesday reported a wider loss for the third quarter of 2020, hurt by a sharp fall in sales due to the COVIID-induced slowdown. Shares of the video game company dropped in the after-hours session, immediately after the announcement.
Net loss, on an adjusted basis, widened to $0.53 per share from $0.49 per share last year. Market watchers had forecast a bigger loss for the October-quarter.
On an unadjusted basis, it was a net loss of $18.8 million or $0.29 per share, compared to a loss of $83.4 million or $1.02per share in the third quarter of 2019. The dismal performance reflects a 30% decrease in net sales to about $1 billion. The top-line also missed the market’s prediction.
After plunging to a multi-year low early this year, GameStop’s stock made steady gains and crossed the $15-mark last month. The stock closed Tuesday’s regular session higher but dropped during the extended session soon after the earnings announcement.
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