Benzinga - by Chris Katje, Benzinga Staff Writer.
Video game retailer GameStop Corporation (NYSE:GME) reported fourth-quarter financial results after the market close Tuesday.
What Happened: GameStop reported fourth-quarter net sales of $1.794 billion, down from $2.226 billion year-over-year. The net sales total missed a Street consensus estimate of $2.05 billion, according to data from Benzinga Pro.
The company reported earnings per share of 22 cents for the fourth quarter, missing a Street estimate of 29 cents per share.
Full fiscal year net sales were $5.273 billion, down from the prior year's total of $5.927 billion.
GameStop ended the fourth quarter with $1.2 billion in cash. The company has no long-term debt outside of a loan related to the COVID-19 pandemic.
Related Link: GameStop Q4 Earnings Preview: All Eyes On Profits, Ryan Cohen’s Stock Trades With Company’s Cash
What's Next: As in recent quarters, GameStop is not holding a conference call Tuesday.
The company said additional information for the quarter will be shared in a 10-K filing.
GME Price Action: GameStop shares are down 17% to $12.89 in after-hours trading Tuesday versus a 52-week trading range of $11.82 to $27.65.
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