Shares of video game and electronics retailer GameStop (NYSE:GME) tanked in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $0.22, which missed analysts’ consensus estimate of $0.29 per share.
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Sales decreased by 19.7% year-over-year, with revenue hitting $1.79 billion. This missed analysts’ expectations by $260 million.
Notably, adjusted EBITDA for FY 2023 was $64.7 million versus the -$192.7 million seen in FY 2022. In addition, the company had $1.199 billion in cash and equivalents at the end of the quarter.
Is GME Stock a Buy, Sell, or Hold?
A look at GME stock’s past year highlights its decline. Despite its over 3% rally in today’s regular trading hours, shares are still down over 32% during this timeframe.
