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GameStop beats quarterly revenue estimates

GameStop beats quarterly revenue estimates
GameStop beats quarterly revenue estimates   -   Copyright  Thomson Reuters 2021
By Reuters

– GameStop Corp reported third-quarter revenue on Wednesday that beat analysts’ estimates, as it sold more gaming consoles and video games.

The company, which is yet to transition to a largely online platform, benefited from expanded brand relationships with Samsung and Razer among others.

GameStop, which also sells gaming merchandise, saw an increase in the sales of gaming hardware and accessories, a segment that accounts for about half of its total revenue.

The video game retailer’s overall revenue was $1.30 billion, beating estimates of $1.19 billion, according to Refinitiv IBES data.

GameStop was one of the companies whose shares hogged the limelight in this year’s meme-stock frenzy, which was led by day traders and fueled by chatter on social media platforms such as Reddit.