Video game retailer GameStop Corp. (GME) reported its fourth consecutive decline in quarterly revenue and missed analyst estimates for revenue and earnings for the first quarter that ended April 29, 2023, as consumers dialed back discretionary spending in an uncertain economy.
GME posted first-quarter revenue of $1.24 billion, lower than the consensus estimate of $1.36 billion, and its adjusted loss per share came in at $0.14, compared to analysts’ estimate of $0.12. Moreover, the company failed to surpass the consensus revenue estimates in three of the trailing four quarters.
