(GameStop) GameStop shares fell by more than 7% in premarket trading after reporting a narrower net loss of $61.6 million, or 85 cents per share in the second quarter of 2021. The company’s loss was $111.3 million, or $1.71 per share in the comparable quarter of 2020.
The company’s net sales totaled $1.183 billion, up from $942 million in the comparable quarter of 2020. The revenue beat estimates of $1.12 billion.
The company announced a lease of a 530,000 square foot fulfillment center in Reno-Nevada, in a push to expand its network in the US coast. It is also working to expand customer care operations by leasing a center in Pembroke Pines, Florida.
GameStop has now hit a $14.28 billion market cap, at the back of meme retail trading craze that has pushed its stock up by 957% year to date amid quarterly net losses.
The video game retailer recognized a probe on the company and its trading activity by the US Securities and Exchange Commission but does not expect it to have adverse effects.
GME: NYSE is down -7.28% on premarket.
