⚠️ Heads up: this article is from our "experimental era" — a beautiful mess of enthusiasm ✨, caffeine ☕, and user-submitted chaos 🤹. We kept it because it’s part of our journey 🛤️ (and hey, everyone has awkward teenage years 😅).
GameStop ($GME) shares experienced an 18% decline in offhours trading after the company reported a sharp drop in quarterly sales. The stock stood at $12.69 in recent premarket action, marking the lowest closing since November. The Texas-based company posted a profit of $63.1 million for the quarter ended Feb. 3, earning 22 cents a share excluding one-offs. Revenue also fell by 19% to $1.79 billion. The impact was notable, as the stock is covered by only a few Wall Street analysts. Michael Pachter of Wedbush Securities had expected adjusted earnings of 25 cents a share, on revenue of $2 billion, according to FactSet.