GameStop miss earnings and revenues in Q4

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Kate Rooney joins ‘Closing Bell’ to report GameStop’s fourth quarter earnings results. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Investors are finally getting a look at GameStop’s fundamentals following a Reddit-fueled trading frenzy earlier this year.

Here’s what the company did after the bell Tuesday.

It released fourth-quarter results that missed Wall Street’s estimates on the top and bottom lines.

In its latest executive shake-up, the company named former Amazon and Google executive Jenna Owens as its new chief operating officer.

And in a hint of the transformation that’s got some investors excited about the stock, the company said global e-commerce sales jumped 175% last quarter and accounted for more than a third of its sales in the period.

GameStop also acknowledged in a filing that it was considering selling additional equity shares.

The stock traded initially higher after the bell, but was last down about 3% with traders likely reacting to the the potential share sale, an action many investors and analysts thought would be prudent given the Reddit-fueled run-up in the stock.

“Since January 2021, we have been evaluating whether to increase the size of the ATM (at-the-market) Program and whether to potentially sell shares of our Class A Common Stock under the increased ATM Program during the course of fiscal 2021, primarily to fund the acceleration of our future transformation initiatives and general working capital needs,” a filing from the company said.

For the fiscal period ended January 2021, GameStop earned $1.34 per share on revenue of $2.12 billion. Wall Street was expecting earnings per share of $1.35 on revenue of $2.21 billion, according to Refinitiv’s average of the six analysts.

GameStop’s fiscal fourth quarter earnings typically make up the majority of the company’s yearly earnings, boosted by holiday sales. GameStop’s same-store sales rose 6.5% last quarter.

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GameStop (NYSE: GME) is an American video game, consumer electronics, and gaming merchandise retailer. The company is headquartered in Grapevine, Texas, United States, a suburb of Dallas, and operates 5,509 retail stores throughout the United States, Canada, Australia, New Zealand, and Europe as of February 1, 2020.

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