GameStop shares slumped by double digits during after-hours trading Tuesday, after the company reported bottom-line that missed analysts' expectations.
For the quarter ended Nov. 2, the video game retail company’s net loss came in at -$1.02 a share, narrower than the year-ago quarter’s loss of -$4.78. Adjusted loss from continuing operations was -49 cents a share, compared with earnings of 49 cents a year earlier. Analysts were expecting earnings of 11 cents a share .
GameStop’s revenue declined -26% to $1.44 billion, missing analysts’ estimate of $1.62 billion.
For the full-year, the company projects adjusted earnings of 10 to 20 cents a share, which is below the Street’s expectation of $1.21 a share.
CEO George Sherman mentioned that the company is on track to achieve its $200 million annualized operating-profit improvement goal by 2021.