GameStop stock dips on mixed earnings results

GameStop Corp.’s stock fell 2% in extended trading Wednesday after the company reported fiscal second-quarter results that beat revenue estimates but fell short on earnings.

The videogaming retailer GME, -0.10% reported a net loss of $61.6 million, or 85 cents a share, compared with a net loss of $111.3 million, or $1.71 a share, in the year-ago quarter. The company’s adjusted net loss was $55 million, or 76 cents a share.Analysts surveyed by FactSet had expected a net loss of 67 cents a share on revenue of $1.12 billion.The company also announced it had entered into a lease of a new 530,000-square-foot fulfillment center in Reno, Nev.

Net sales [revenue] remains the ultimate barometer of the company’s financial performance for investors, GameStop Chief Executive Matt Furlong said during an 8-minute conference call after the results were announced. The company did not take questions. Wednesday’s results reflect more favorable debt and growth from a year ago, when the company reported a loss of $1.40 a share.

GameStop’s stock is up an astounding 955% so far in 2021. The broader S&P 500 index SPX, -0.13% has gained 20% this year.

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