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GameStop (GME) Q1 2023 earnings results miss revenue estimates on smaller loss than expected

The latest GameStop (GME) earnings report was a whirlwind of bad news for the gaming retailer.

June 7, 2023 1:45 PM

GameStop (GME) has shared its earnings report for Q1 2023, which included some unexpected surprises. Not only did the gaming retailer miss on revenue expectations, but it also canceled its previously-scheduled earnings call and fired its CEO just two days shy of his two-year anniversary at the company.

The official press release for the GameStop (GME) Q1 2023 earnings report was shared on the company’s investor relations website. It’s here that we learn that GameStop made $1.24 billion in revenue last quarter. This misses Wall Street’s $1.36 billion expectation by a decent margin. As for earnings-per-share, GameStop reported a loss of $0.14 on each share, which is less than the expected loss of $0.17.

The GameStop stock chart on June 7, 2023.

GameStop (GME) stock is taking a beating in after-hours trading today. It was down as low as 20.8% after the release of the Q1 2023 earnings report. It also didn’t help that the company fired CEO Matt Furlong, who had held the role since 2021. GameStop also canceled its earnings call for today, which was previously expected to take place at the close of markets.

GameStop has been an up-and-down affair for the past couple of years, but today’s news is quite the head-scratcher. To keep up with all the nonsense, be sure to bookmark our GME topic page.

Donovan Erskine

News Editor

Donovan is a journalist from Maryland. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge film fanatic and will talk with you about movies and games all day. You can follow him on twitter @Donimals_

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June 7, 2023 1:45 PM

Donovan Erskine posted a new article, GameStop (GME) Q1 2023 earnings results miss revenue estimates on smaller loss than expected
- redshak
  
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  June 7, 2023 2:07 PM
  
  GameStop is just an un-fun store to be in. Whatever physical games they have on a shelf are all old and boring. There’s never any huge sales. The toy sections are just whatever dollar store LOTR keychains shit. It’s literally the “we sell your stuff on eBay” store from 40 year old virgin in terms of relevence to the culture.