Shares of GameStop (GME) are down 6% after the video game retailer reported mixed third-quarter financial results.
GameStop announced Q3 revenue of $821 million U.S. and earnings of $0.24 U.S. per share.
Analysts had been looking for revenue of $987.3 million U.S. and earnings per share of $0.20 U.S. from the company.
GameStop’s sales were down 4.5% from a year earlier. That compares to 22% revenue growth reported in the second quarter of this year.
A big reason behind the mixed print was GameStop’s cryptocurrency investments.
The struggling brick-and-mortar retailer has been investing excess cash into cryptocurrencies such as Bitcoin (BTC).
GameStop’s management team said the value of the company’s Bitcoin holdings totaled $528.6 million U.S. at the end of the second quarter.
Those holdings saw their value fall to $519.4 million U.S. at the end of the third quarter as the price of BTC slumps.
Prior to today (Dec. 10), GME stock had declined 25% this year to trade at $23.11 U.S. per share.
