GameStop slides after third quarter results miss

Investing.com -- GameStop reported dour third quarter earnings on Tuesday. Sales fell and profit missed expectations, sending its shares down 5% in extended trading.

The company posted EPS of 13 cents, below the analyst estimate of 18 cnets.

Revenue fell to $821 million from $860.3 million a year earlier and came in below the $893.64 million consensus.

GameStop cut SG&A to $221.4 million from $282 million and returned to an operating profit of $41.3 million, compared with a loss of $33.4 million a year earlier. Adjusted operating income was $52.1 million.

The company ended the quarter with $8.8 billion in cash, cash equivalents and marketable securities, up from $4.6 billion a year ago. Its Bitcoin holdings were valued at $519.4 million at quarter end.

Net income rose to $77.1 million from $17.4 million. On an adjusted basis, net income was $139.3 million, up from $26.2 million a year earlier.

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