Benzinga - by Chris Katje, Benzinga Staff Writer.
GameStop Corporation (NYSE:GME) reported third-quarter financial results after the market close Wednesday.
Here are the key highlights from the video game retailer.
What Happened: GameStop reported third-quarter net sales of $1.078 billion, which was down from the $1.186 billion reported in the same quarter last year and missed analyst estimates of $1.18 billion, according to data from Benzinga Pro.
The company reported a loss of 1 cent per share for the third quarter, which beat a Street consensus estimate of a loss of 8 cents per share.
GameStop ended the third quarter with $1.21 billion in cash. The company has no long-term debt outside of a loan related to the COVID-19 pandemic.
Related Link: GameStop Q3 Earnings Preview: Are Video Game Retailer’s Losses Shrinking?
What's Next: GameStop will not hold a conference call for the third quarter, marking its third straight quarter with no call.
The company's quarterly loss per share of 1 cent continues a recent streak of improving financial results.
GameStop reported a loss of 3 cents in the second quarter and a loss of 14 cents in the first quarter. The company also reported a profit of 16 cents per share in the fourth quarter of last year.
This comes after the company reported losses of 52 cents, 35 cents and 31 cents per share in the first three quarters of fiscal 2022, respectively.
GME Price Action: GameStop shares were trading 1.75% higher to $15.10 in after hours trading at the time of writing versus a 52-week trading range of $11.82 to $27.65.
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