Why GameStop Stock Is Falling During Tuesday's Session

GameStop Corp. GME shares are trading lower by 4.62% to $24.38 Tuesday afternoon. The company has reportedly began layoffs as it prepares to report third-quarter financial results after the market close Wednesday.

According to analyst consensus estimates, GameStop on Wednesday is expected to report an EPS loss of 28 cents on revenue of 1.35 billion.

What's Going On?

Our Benzinga team Tuesday morning reported GameStop is stepping back from its aggressive push into Web3/Cryprocurrency.

According to Axios, the meme-dressed company is bracing for another round of layoffs. And engineers, tasked with building GameStop’s blockchain wallet, will be heavily impacted.

At least six former GameStop engineers have taken to LinkedIn, and Twitter to share that they’ve been laid-off...Read More

See Also: Why Bed Bath & Beyond Shares Are Nosediving

According to data from Benzinga Pro, GME has a 52-week high of $49.85 and a 52-week low of $19.40.