WASHINGTON (dpa-AFX) - Shares of GameStop Corp. (GME) slipped over 8% in after-hours trading on Wednesday after the video game retail chain's fiscal second-quarter results missed Wall Street estimates.
Grapevine, Texas-based GameStop reported second-quarter net loss of $111.3 million or $1.71 per share, narrower than last year's loss of $415.3 million or $4.15 per share last year.
Adjusted loss were $91.2 million or $1.40 per share compared to $32.0 million or $0.32 per share last year. Analysts polled by Thomson Reuters expected loss of $1.13 per share for the quarter.
Revenue for the quarter slipped 26.7% to $942.0 million from $1.29 billion last year. Analysts had a consensus revenue estimate of $1.02 billion.
George Sherman, GameStop's chief executive officer, said, 'The second quarter saw strong progress toward our strategic initiatives, fueling an 800% increase in global E-commerce sales, a $133.7 million reduction in SG&A and a significant improvement in our balance sheet with $735.1 million in cash at quarter-end and a 50% reduction in inventory, as compared to the second quarter last year.'
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