GameStop reported fourth quarter revenue that surpassed analysts expectations. However, the video game retail company incurred a surprise loss for the quarter amid decelerating sales of video game console.
The company posted an adjusted loss of -$1.86 per share, compared to analysts’ expected earnings of $0.84 per share. Revenue came in at $2.25 billion, beating analyst estimates of $1.95 billion. PowerUp Rewards Pro Members count was 5.8 million, up +32% year-over-year.
Video game sales have been decelerating from the high of COVID-19 pandemic over the past few months. Decrease in console sales has been hurting the company the most.