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Why GameStop's Stock Crashed Today

TheMotleyFool

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Why GameStop's Stock Crashed TodayPhoto, wide shot, wide-angle lens, Grocery store, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/9a6c3fc6-53ff-4c6e-848b-263660ac3eb0.png

Video game and collectibles retailer GameStop (NYSE: GME) reported its third-quarter results on Tuesday morning. Investors were not happy with the numbers GameStop provided, and share prices had dipped as much as 16.3% lower at 10:26 a.m. EST.

The company's net sales fell 25.7% in the holiday quarter, landing at $1.44 billion. Comparable store sales fell 23.2% year over year. GameStop saw an adjusted net loss of $0.49 per share, compared to earnings of $0.49 per share in the year-ago period.

The average Wall Street analyst had been looking for earnings near $0.11 per share on sales in the neighborhood of $1.62 billion.

Source Fool.com

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