GameStop Corp reported a bigger-than-expected quarterly loss on Wednesday, as the videogame retailer ramps up its efforts to focus more on online sales.
The company’s business model, which was suffering even before the pandemic hit, was further impacted by the COVID-19 lockdowns, with the company shutting down hundreds of brick-and-mortar stores.
GameStop has since then tried to take advantage of the pandemic-fueled demand for online shopping by trying to sell its consoles and games online.
On an adjusted basis, the company lost $1.39 per share in the third quarter ended Oct. 30, compared with estimates of a loss of $0.52 per share, according to Refinitiv IBES data.
GameStop’s shares, which were at the center of this year’s meme-stock frenzy, were down 4% in extended trading, after having gained more than nine times so far this year.
The company’s overall revenue rose to $1.30 billion, beating estimates of $1.19 billion.
GameStop said it benefited from expanded brand relationships with Samsung and Razer among others.
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