GameStop Earnings: The Emperor Has No Clothes
On Wednesday, GameStop (NYSE: GME) released its latest earnings report. Unsurprisingly, the company continued to struggle mightily in its third fiscal quarter. While sales rebounded from a big pandemic-induced drop in 2020, GameStop's losses widened even further.
Management continues to insist that its turnaround strategy will drive meaningful long-term revenue growth and that profits will naturally follow. However, with each passing quarter, it becomes increasingly clear that GameStop has no credible path back to profitability.
GameStop posted net sales of $1.3 billion last quarter: up 29% year over year. This result wasn't nearly as impressive as it might appear, though.
Source Fool.com
