GameStop Corp GME is trading lower Thursday after the company announced worse-than-expected second-quarter earnings results.
GameStop reported a quarterly earnings loss of 76 cents per share, which came in below the estimate for a loss of 66 cents per share. The company reported quarterly revenue of $1.183 billion, which beat the estimate of $1.12 billion and was up from $942 million year over year.
GameStop said it focused on investing in long-term growth initiatives, enhancing its fulfillment network capabilities and technology and adding talent across the organization during the quarter.
The company noted that it ended the quarter with cash and restricted cash of $1.78 billion.
Investors are anticipating a business transformation from brick-and-mortar to e-commerce, but GameStop failed to provide updates on its long-term plan on the conference call.
GME Price Action: GameStop has traded as high as $483 and as low as $5.87 over a 52-week period.
The stock was trading down 10.20% at $178.45 at time of publication.
Photo: Mike Mozart from Flickr.
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