GameStop (NYSE: GME) reported a wider net loss for the second quarter of 2020, hurt by the pandemic-related slump that weighed on its sales. The results also missed the market’s projection and the video game firm’s stock declined on Wednesday evening.
Adjusted loss widened to $1.40 per share in the July-quarter from $0.32 per share in the same period of 2019 and missed the Street view. On an unadjusted basis, the company reported a loss of $111.3 million or $1.71 per share for the most recent quarter, compared to a loss of $415.3 million or $4.15 per share last year.
The weakness in the bottom-line performance reflects a 27% fall in net sales to $942 million. Market watchers were looking for a higher number for the second quarter of 2020.
GameStop’s stock, which had been in a free fall for several years, regained a part of the lost momentum this year. The stock ended Wednesday’s trading lower and lost further during the extended session.
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