GameStop Posts Wider-than-expected Q3 Loss; Shares Down 6%

(RTTNews) - American video-game retailer GameStop Corp. (GME) on Wednesday posted wider-than-expected loss in the third quarter. Revenues, however, were up 30 percent and came in above the Street expectations. Following the third-quarter results, the company's stock dropped 6 percent in Wednesday's after-market trade.

The company reported net loss of $105.4 million or $1.39 per share, wider than net loss of $18.8 million or $0.29 per share in the same period last year. On average, 4 analysts polled by Thomson Reuters expected the company to post net loss of $0.52 per share in the quarter. Analysts' estimates, usually exclude one-time items. Quarterly sales rose to $1.29 billion from $1.01 billion in the previous year period, helped by sales attributable to new and expanded brand relationships, like Samsung, LG, Razer, Vizio and others. On average, 4 analysts expected the company to post revenues of $1.19 billion during the quarter.

GME closed Wednesday's trading at $173.65, down $4.16 or 2%. In after-market trading, the stock is down 6% or $10.15 to $163.00.