GameStop stock rose more than 5% in the extended session Wednesday after $GME reported a narrower-than-expected quarterly loss and said it was keeping inventories higher to sidestep supply-chain problems. GameStop lost $158 million in the first quarter.
GameStop Corp. stock rose more than 5% in the extended session Wednesday after the specialty retailer reported a narrower-than-expected quarterly loss and said it was keeping inventories higher to sidestep supply-chain problems.
GameStop GME, -2.68% said it lost $158 million, or $2.08 a share, in the first quarter, compared with losses of $67 million, or $1.01 a share, in the year-ago quarter.FactSet consensus, garnered from three analysts, including those from Wedbush and Jefferies, called for GAAP losses of $2.49 a share on sales of $1.32 billion for the videogame and electronics retailer.
The videogame retailer has been one of the most recognizable names among the so-called “meme stocks.” GameStop said its inventories hit $918 million at the end of the quarter, from $571 million at the close of the first quarter of 2021, as the company vied to improve its in-stock levels “to meet increased customer demand and offset supply-chain headwinds.
Shares of GameStop ended the regular trading day down 2.7%, and are down 18% so far this year. That compares with losses of 14% this year for the S&P 500 index SPX, -0.75%.
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