#GameStop shares plunge on disappointing earnings report

GameStop shares took a beating on Wednesday following an earnings report that saw revenue plummet 30 percent.

The video game retailer was down 17 percent in early morning trading as investors digested its $1 billion in revenue, short of the $1.1 billion that was expected.

GameStop — which some investors hoped would pull off a solid quarter amid soaring demand for video games during the COVID-19 crisis — reported that comparable store sales fell nearly 25 percent in the quarter.

The quarterly results did not include revenue from the new Xbox Series X and PlayStation 5, which were both released in November and have proved virtually impossible to find.

Though the company didn’t provide a current-quarter forecast, it said it “expects to realize positive comparable store sales results and profitability in the fourth quarter,” thanks to the holiday sales rush as well as new consoles from Microsoft and Sony.

GameStop posted a loss of 53 cents per share, beating the Street’s forecasted loss of 85 cents per share.

GameStop shares were set to open down 17.3 percent, at $14.01.