2023-09-06 20:25:57
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Sep 6 (Archyde.com) – GameStop GME.N beat Wall Street estimates for quarterly revenue on Wednesday and posted a smaller-than-expected loss, driven by strong demand for video games, collectibles and brackets.
Shares of the company rose more than 5% in extended trading, with results indicating efforts to boost its digital presence were paying off.
Gamers purchased popular titles such as ATVI.O “Diablo IV” from Activision Blizzard and EA.O “F1 23” from Electronic Arts.
Revenue rose about 2% to $1.16 billion for the quarter ended July 29, beating estimates of $1.14 billion, according to three analysts polled by LSEG.
On an adjusted basis, GameStop lost 3 cents per share, while analysts had expected a loss of 14 cents.
The company said it would not hold a conference call after the results are released.
In a shake-up at the top, its chief financial officer left (link) last month, marking a second high-profile exit from the company after the board ousted its fifth chief executive in June in five years.
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