GameStop Stock Jumps On Q3 Results Despite Earnings Miss, Revenue Miss, Absent Guidance - GameStop (NYSE:GME)

GameStop Corp GME reported its third-quarter financial results Wednesday after the bell. In short, investors just like the stock, but here’s a full rundown of the results.

What Happened: GameStop reported third-quarter revenue of $1.186 billion, which was down from $1.297 billion in the prior year’s quarter. The number also came in below average analyst estimates of $1.35 billion, according to Benzinga Pro.

The company said sales attributable to new and expanded brand relationships were strong in the quarter, while sales in the collectibles category “remained strong on a year-to-date basis.”

GameStop reported a third-quarter net loss of 31 cents per share, which missed average analyst estimates for a loss of 28 cents per share.

GameStop ended the quarter with $1.13 billion in inventory and $1.04 billion in cash and equivalents. 

The company did not provide any forward guidance, but management is set to host an investor conference call to discuss its results at 5 p.m. ET.

Check This Out: GameStop Stonk Trading Ideas For Before And After The Q3 Earnings Print

GME Price Action: GameStop has a 52-week high of $49.85 and a 52-week low of $19.40.

GameStop shares are up 0.99% in after hours at $22.49 at time of publication, according to Benzinga Pro

Photo: JJBers from Flickr.

Image and article originally from Read the original article here.