GameStop Stock Falls. Bitcoin Is Just Part of the Story. — Barrons.com
By Liz MoyerGameStop shares were falling ahead of the open Wednesday after its third quarter earnings report showed revenue slipped from the same time last year.The videogame retailer and OG meme stock reported revenue of $821 million and earnings of 24 cents a share. In the year-earlier quarter, GameStop reported earnings of 6 cents a share and revenue of $860 million. The revenue drop amounts to 4.5%.The stock was down 6% in premarket trading on Wednesday, while S&P 500 futures slipped 0.1%. GameStop shares have been climbing recently, rising more than 2.5% so far this month, though they are down 26% this year.GameStop reported a 22% revenue gain in the second quarter versus a year earlier, bouncing off a 17% drop in revenue in the April quarter.GameStop has also been investing in crypto, buying Bitcoin earlier this year. Its Bitcoin holdings had a value of $528.6 million at the end of the second quarter. Its holdings were valued around $519.4 million at the end of the third quarter.Write to Liz Moyer at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.