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The company’s business model, which was suffering even before the pandemic hit, was further impacted by the COVID-19 lockdowns, with the company shutting down hundreds of brick-and-mortar stores.
GameStop has since then tried to take advantage of the pandemic-fueled demand for online shopping by trying to sell its consoles and games online.
On an adjusted basis, the company lost $1.39 per share in the third quarter ended Oct. 30, compared with estimates of a loss of $0.52 per share, according to Refinitiv IBES data.
GameStop’s shares, which were at the center of this year’s meme-stock frenzy, were down 4% in extended trading, after having gained more than nine times so far this year.
The company’s overall revenue rose to $1.30 billion, beating estimates of $1.19 billion.
GameStop said it benefited from expanded brand relationships with Samsung (KS:005930) and Razer among others.
