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The shares of GameStop (NYSE:GME) dipped 6.85% in the after-hours session on Tuesday as the video game retailer missed analyst expectations in its first quarter earnings.
Q1 Earnings
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GameStop reported net sales of $1.02 billion for the quarter ending in March, down 34.2% from the similar quarter a year ago, where it posted $1.55 billion.
The net sales were also 6.4% below the average analyst consensus estimate of $1.09 billion.
The Texas-based company said it made an adjusted loss per share of $1.61, compared to the 7 cents earnings posted in the first quarter last year.
Analysts had estimated a loss per share of 46 cents.
The video game company's sales were impacted by the novel coronavirus (COVID-19) pandemic, as stores remained shut across the United States, and it shifted the launch of some of its key titles to the second and third quarters, Chief Executive Officer George Sherman said in a statement.
GameStop Price Action
GameStop shares closed 1% lower at $4.96 on Tuesday. The shares traded another 6.85% lower at $4.62 in the after-hours session.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.