By Connor Hart
GameStop swung to a profit in its third quarter, aided by lower expenses.
The videogame retailer on Tuesday reported a profit of $17.4 million, or 4 cents a share, for its 13 weeks ended Nov. 2, compared with a loss of $3.1 million, or 1 cent a share, a year earlier.
Adjusted earnings came in at 6 cents a share. Revenue fell 20% to $860.3 million.
Selling, general and administrative expenses decreased to $282 million from $296.5 million last year.
The original meme stock, which will not hold a conference call to discuss results, said it completed its previously announced "at-the-market" stock offering 20 million shares during the quarter, having received about $400 million in proceeds. The company does not anticipate any further sales of stock during its current fiscal year.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 10, 2024 16:20 ET (21:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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