Video game retailer GameStop Corp. (NYSE: GME), which has become the talk of the town after the unprecedented stock rally in recent weeks, reported a narrower loss for the first quarter of 2021, aided by a 25% increase in net sales.
Net loss, adjusted for special items, came in at $0.45 per share in the first quarter of 2021, which marked an improvement from the year-ago period when the company incurred a loss of $2.44 per share. The latest number also beat the estimates.
On a reported basis, it was a loss of $66.8 million or $1.01 per share, compared to a loss of $165.7 million or $2.57per share in the first quarter of 2020. The improvement reflects a 25% increase in sales to $1.28 billion. Analysts had forecast a slower top-line growth.
Shares of the company closed Wednesday’s trading higher but declined in the after-market hours. The value more than doubled in the last 30 days alone.
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