GameStop shares slide after earnings disappoint

GameStop shares slide after earnings disappoint

GameStop, the roller-coaster stock championed by Reddit-based traders, tumbled in pre-market trading after posting disappointing fourth-quarter earnings that outweighed a trio of new executive hires.

Shares of the video game retailer fell 11 per cent to $161.60 as of 12:22pm UAE time on Wednesday after it reported profit in the period ended January 30 of $1.34 a share, excluding some items. That compared with an average projection of $1.43 from analysts.

Though a new generation of game consoles helped spur purchases, the company didn't get as big a bump as expected. Net sales fell 3.3 per cent to $2.12 billion in the quarter, short