Wednesday, January 19, 2022

GameStop Corp. (GME) stock fell during pre-market, followed by Q3 2021 financial results.

GameStop Corp. (NASDAQ: GME) stock declined by 2.31% at the last close while the GME stock price plunged by 3.25% in the pre-market trading session. GameStop is a video game, consumer electronics, and gaming merchandise retailer based in the United States. The company is based in Grapevine, Texas, and it is the world’s biggest game retailer.


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GME stock’ Financial Highlights

GameStop Corp. announced its financial results for the third quarter of 2021. Here’s the summary:

  • For the third quarter of 2021, net sales were $1.297 billion, up from $1.005 billion in the third quarter of 2020.
  • Sales from new and expanded brand collaborations, such as Samsung, LG, Razer, Vizio, and others, helped the company grow in the third quarter.
  • Inventory was $1.141 billion at the end of the quarter, up from $861 million at the same time last year, indicating the Company’s focus on front-loading inventory investments to meet rising customer demand and alleviate supply chain concerns.
  • Ended the period with $1.413 billion in cash and cash equivalents and no debt other than a $46.2 million low-interest, unsecured term loan related to the French government’s COVID-19 response.
  • New offices opened in Seattle, Washington, and Boston, Massachusetts, both of which are technology hubs with well-developed talent markets.
  • Secured a new $500 million ABL facility with enhanced liquidity and terms, including lower borrowing costs, fewer constraints, and more flexibility, which was completed in November, soon after the third quarter ended.

Furthermore,


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By examining the corresponding GAAP financial metric, comprehending the variances between the GAAP and non-GAAP financial measures, and integrating these data points into their decision-making process, the company compensates for the constraints of Adjusted EBITDA as an analytical tool. Adjusted EBITDA is presented in conjunction to, not as a replacement for, the Company’s financial results calculated in accordance with GAAP, and should not be viewed in isolation or as a substitute for an analysis of their GAAP performance.

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