GameStop stock sinks 15% on disappointing sales

GameStop (GME.US) stock plunged more than 15% after the video game retailer posted third-quarter figures. Company reported a quarterly loss of 53 cents per share, smaller than the 85 cents a share loss that analysts had been forecasting. However the videogame retailer’s revenue missed expectations which was caused by delayed game releases and lower store sales. Sales fell 30% to $1 billion in the period ended Oct. 31, while analysts had predicted $1.09 billion. "Our third quarter results were in-line with our muted expectations and reflected operating during the last few months of a seven-year console cycle and a global pandemic, which pressured sales and earnings," said CEO George Sherman.

GameStop (GME.US) stock launched today's session with a massive bearish price gap and is currently testing support at $14.07 which coincides with 50 SMA (green line) and lower limit of the downward channel. If the current sentiment prevails, the downward move could be extended to the $10.83 handle. Source: xStation5

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