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GameStop stock holds steady despite Q3 earnings miss

Yahoo Finance's Jared Blikre breaks down GameStop's third-quarter earnings results.

Video Transcript

SEANA SMITH: Shares of GameStop actually trading to the upside, up just around a half of a percent, following their most recent quarterly results. Jared Blikre has a closer look at the numbers for us. Jared, I have to say, I'm a little bit surprised that it's getting a little bit of a boost here in extended trading.

JARED BLIKRE: Yes, this is always a black box of a report as well. Not a lot of information here, but nevertheless, third quarter results, net sales coming in a little bit light at 1.19 billion. The estimate was for higher at 1.39 billion. And that's 8 and 1/2% lower than a year ago. That breaks down into hardware and accessories, net sales of 627 million. That's down 6.4%.

Software net sales, 352.1 million. That's down 19% year over year. And then collectibles net sales, 207.3 million. That's up 7.9% year over year. That was supposed to be a huge area of expansion for them. SG&A expenses, those came in, ending the quarter at 387.9 million.

Also, the third quarter proceeds from the sale of digital assets, those came out to $100 million. Inventory also coming in at 1.131 billion at the end of the period compared to 1.14 billion at the close of the prior year's third quarter. Not going to make too much of that right now.

And then finally, another note here. Sales attributable to new and expanded brand relationships were strong in the quarter. This is a company saying, well, sales in the collectibles category remains strong on a year to year basis. So that's all we have. We got a conference call at 5:00 PM. As Brian Sozzi likes to point out quarter after quarter, it rarely runs more than 10 minutes. And rarely do we have any executive on the call answering any questions. So we'll see what happens with this stock.

SEANA SMITH: Not a strong investor--

DAVE BRIGGS: Very helpful call.

SEANA SMITH: Yeah, exactly.

DAVE BRIGGS: So you'll be taking close notes, is what you're saying.

JARED BLIKRE: I'm going to be eating dinner.