GameStop Q3 Earnings: Revenue Miss, $4B+ Cash, No More Offerings Planned In Fiscal Year

Video game retailer GameStop Corp (NYSE:GME) reported third-quarter financial results after the market close Tuesday.

Here are the key highlights.

What Happened: GameStop reported third-quarter net sales of $860.3 million, down from last year's third-quarter total of $1.08 billion. The total missed a Street consensus estimate of $887.7 million, according to data from Benzinga Pro.

Sales broken down by segment were as follows, with the total from last year's third quarter in parentheses:  

Hardware and accessories; $417.4 million ($579.4 million)

Software: $271.8 million ($321.3 million)

Collectibles: $171.1 million ($177.6 million)

All three segments saw year-over-year sales declines.

The company reported net income of $17.4 million in the third quarter versus a net loss of $3.1 million in last year's third quarter.

GameStop reported adjusted earnings per share of 6 cents.

The company ended the third quarter with cash and cash equivalents of $4.62 billion. In the third quarter, the company completed a previously disclosed at-the-market equity offering program that had aggregate gross proceeds of around $400 million.

"The Company does not anticipate any further at-the-market offerings involving the offer and sale of its common stock during the current fiscal year," the company said.

Read Also: GameStop Q3 Earnings Preview: Investors Want Bitcoin On Balance Sheet, Analyst Wants ‘Hint Of Any Strategy’

What's Next: Following a trend from recent quarters, GameStop said it will not be holding a third-quarter conference call.

Investors and analysts continue to look for answers on how the company will spend its cash balance and what the direction of the company looks like going forward.

GME Price Action: GameStop stock is up 1.52% to $27.34 in after-hours trading Tuesday versus a 52-week trading range of $9.95 to $64.83. The stock lost 3.58% in the regular session, closing at $26.93.

Read Next:

• GameStop Rockets As Roaring Kitty Returns To X: What Does His Tweet Signal Ahead Of Q3 Earnings?

Photo via Shutterstock.