Shares of video game retailer GameStop dropped nearly 7% in trading after the retailer posted its Q2 loss reduced, according to a new release by GameStop on Wednesday.
- GameStop shares have been caught up in a meme stock frenzy. The mania led to the value of the stock soaring 957% year to date.
- GameStop reported a net loss of $61.6 million, or 85 cents per share. In the prior year, the company reported a loss of $111.3 million, or $1.71 per share. On an adjusted basis, GameStop lost 76 cents per share.
- Sales jumped to $1.18 billion from $942 million a year earlier. Analysts of Refinitiv were expecting the company to lose 67 cents per share on revenue of $1.12 billion.
- The video game retailer has been making an effort to shift its business more toward e-commerce. In a bid to improve the delivery of online orders, the company announced it signed a lease for a 530,000-square-foot fulfillment center in Reno, Nevada.
The retailer is also trying to improve its customer care operations in the U.S. by leasing a center in Pembroke Pines, Florida. GME down -6.94% Pre-market trading