: GameStop’s stock rises on Q3 earnings beat

GameStop Corp.’s GME stock rose 0.7% in extended trading Wednesday after the videogame retailer reported better-than-expected third-quarter earnings, despite missing analysts’ top-line expectations. The original meme-stock darling reported a net loss of $3.1 million, or 1 cent a share, compared with a net loss of $94.7 million, or 31 cents a share, in the prior year’s quarter. On an adjusted per-share basis, GameStop broke even. Revenue was $1.078 billion, compared with $1.186 billion in the prior year’s quarter. Analysts surveyed by FactSet expected GameStop to report an adjusted loss of 8 cents a share and revenue of $1.182 billion. The company exited the quarter with cash and cash equivalents of $1.210 billion, compared with $1.195 billion at the end of the prior quarter. As with its previous round of earnings, GameStop said it would not be holding a conference call.

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