Video game retailer GameStop (GME) has reported mixed financial results for this year’s third quarter, although its sales continue to decline.
The company reported earnings per share of $0.06 U.S., which was much better than a loss of -$0.03 U.S. that was the consensus forecast on Wall Street.
However, revenue in the period totaled $860.3 million U.S., which missed analyst expectations that called for $888 million U.S. The company’s sales were down 20% from a year earlier.
As is typical, GameStop did not schedule an earnings call with analysts and investors to discuss its latest financial results.
While sales of video games at brick-and-mortar retail outlets continue to decline, GameStop’s stock is nevertheless up 62% this year and on pace for its best annual performance since 2021, when the share price soared nearly 700%.
Most of this year’s gain came in the spring when Keith Gill, known online as “Roaring Kitty,” returned to social media and hyped GameStop’s stock.
However, since the summer, the company’s share price has declined nearly 45%.
Owing largely to the surprise Q3 profit, the company’s stock is up 3% on news of these latest financial results and currently trading at $27.77 U.S. per share.
