GameStop shares dropped nearly 4% in extended trading after the video game retailer posted widening losses in Q3, according to a press release by GameStop on Wednesday.
- The company reported that its net loss expanded to $105.4 million or $1.39 per share from a loss of $18.8 million reported a year ago.
- Total revenues expanded to $1.30 billion from $1.00 billion a year ago. The company stated that its sales increased as it improved relationships with brands, including Samsung and LG.
- GameStop’s inventories expanded in Q3 as the company looked to overcome supply chain challenges and be well-stocked for the holiday season. At the end of the quarter, inventory was $1.14B.
- GameStop is one of the companies that has gained a new look from investors, Reddit posts, and the meme stock mania.
- Stocks of the company have increased alongside other meme stocks, including AMC and Bed Bath & Beyond.
As GameStop makes effort to shift from physical chain stores into an e-commerce retailer, it has attracted new leaders. GME down -4.43%, Pre-market trading