GameStop sales struggle after trading frenzy

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limited
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Lid geworden op: 07-12-2020 05:19

GameStop sales struggle after trading frenzy

Bericht door limited » 25-03-2021 08:45

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Video games retailer GameStop continues to battle falling sales - but its financials haven't dimmed the interest surrounding its stock.

The Texas-based firm captured attention in January when its shares surged amid a trading war between Wall Street pros and amateur investors.

The shares jumped from less than $ 20 at the start of the year to nearly $ 350 - and still hover around $ 180 apiece.

Analysts say that's far higher than the firm's performance might suggest.

Sales slipped 3% in the last three months ended 30 January to $ 2.1bn, compared to almost $ 2.2bn during the same period in 2019, GameStop said on Tuesday, in its first financial update for investors since the trading battle.

The drop - the เกมยิงปลา วิธีเล่น ninth straight quarter of declines - came amid significant store closures, partially due to the pandemic, and despite a 175% jump in e-commerce.

But profits in the quarter increased, and its annual loss narrowed, from more than $ 470m in 2019 to $ 215m last year.

The firm also said it had seen an uptick in business in February, as buyers seek out the latest gaming consoles.

But Joe Feldman, senior managing director at Telsey Advisory Group, said there was little in the firm's update to justify the sky-high enthusiasm that the firm's share prices imply.

"The stock isn't trading on fundamentals," he said, characterizing the results as "pretty mediocre", despite being judged against a weak performance in the prior year.

gabriella123
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