GameStop unveils SEC infrastructure for trading activity, Reuters reports higher losses than expected
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(Reuters) -Video Game Store GameStop Corp. (NYSE 🙂 said the U.S. Securities Regulatory Commission issued a subpoena in August for documents relating to its stock trading activity, and reported higher-than-expected quarterly losses.
GameStop was one of the companies that starred in this year’s meme-stock frenzy, driven by day traders and driven by conversations on social media platforms like Reddit.
“We are in the process of producing the documents and intend to continue cooperating fully with SEC staff on this issue,” GameStop said in a regulatory filing on Wednesday, adding that the consultation was not expected to cause any harm. company.
Shares of GameStop were down 5.3% at $ 164.47 in extended trading after gaining more than nine times this year.
On an adjusted basis, the company lost $ 1.39 per share in the third quarter ended October 30, compared to estimates of a loss of $ 0.52 per share, according to Refinitiv IBES data.
GameStop’s business model, which was suffering even before the pandemic hit, was hit hard by the COVID-19 blockade, which shut down hundreds of brick shops.
Since then, the company has tried to take advantage of the pandemic-driven demand for online shopping by trying to sell its consoles and games online.
GameStop’s overall revenue rose to $ 1.3 billion, exceeding estimates of $ 1.19 billion.
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