GameStop Corp. ($GameStop Corp. Class A GME$) shares fell sharply by 14.84% to US$13.20 in pre-market trading as of 16:24, March 27, GMT+8.
The company announced job cuts of an unspecified number amid intensifying competition from e-commerce companies and weak consumer spending against an uncertain economic outlook. GameStop also reported underwhelming fourth-quarter earnings for 2023, with adjusted earnings per share of US$0.22, below analyst expectations of US$0.30, and Q4 revenue of US$1.79 billion, which missed the market forecast of US$2.05 billion.
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