Categories AlphaGraphs, Earnings, Leisure & Entertainment

GameStop (GME) reports wider Q2 loss; sales fall 27%

GameStop (NYSE: GME) reported a wider net loss for the second quarter of 2020, hurt by the pandemic-related slump that weighed on its sales. The results also missed the market’s projection and the video game firm’s stock declined on Wednesday evening.

GameStop 2Q 2020 earnings infographic

Adjusted loss widened to $1.40 per share in the July-quarter from $0.32 per share in the same period of 2019 and missed the Street view. On an unadjusted basis, the company reported a loss of $111.3 million or $1.71 per share for the most recent quarter, compared to a loss of $415.3 million or $4.15 per share last year.

Looking forward to listening to management/analysts’ comments on Q2 results? Stay tuned here for GameStop’s Q2 2020 earnings call transcript 

The weakness in the bottom-line performance reflects a 27% fall in net sales to $942 million. Market watchers were looking for a higher number for the second quarter of 2020.

GameStop’s stock, which had been in a free fall for several years, regained a part of the lost momentum this year. The stock ended Wednesday’s trading lower and lost further during the extended session.

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