GameStop Shares Are On The Rise Wednesday: What's Going On?

GameStop Corporation GME shares are trading higher Wednesday after the company released its third-quarter financial results.

What To Know: GameStop reported net sales of $860.3 million for the third quarter, which was below analysts’ consensus estimate of $887.7 million and down from $1.08 billion in the same quarter last year.

Sales declined across all segments. Hardware and accessories generated $417.4 million in revenue, down from $579.4 million in the prior year. Software sales came in at $271.8 million, compared to $321.3 million last year. Collectibles revenue was $171.1 million, a slight drop from $177.6 million last year, according to Benzinga Pro.

Despite lower revenue, the company reported a net income of $17.4 million in the third quarter, a reversal from a net loss of $3.1 million in the prior year. Adjusted earnings per share were 6 cents.

GameStop ended the quarter with $4.62 billion in cash and cash equivalents, bolstered by a previously announced equity offering that raised $400 million in gross proceeds.

The company stated it does not anticipate any additional stock offerings during the current fiscal year.

GameStop stock has experienced volatility, with a 52-week range of $9.95 to $64.83 and investors remain focused on the company's performance and long-term strategy.

GME Price Action: GameStop shares were up 8.95% at $29.34 at the time of writing, according to Benzinga Pro.

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