Electronic Arts (EA - Get Report) reported good earnings, leading some investors to think GameStop's (GME - Get Report) earnings would be good, too. Wrong. 

Shares of GameStop are down 13% Wednesday after the company reported "very, very big misses," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

The company released preliminary third-quarter results that were "shocking," Cramer said. Analysts expected a comp-store sales decline of 1% and GameStop came declines of 6% to 7%. 

Management's expectations for earnings of 45 cents per share to 49 cents per share on $2 billion in revenue both fell short of the consensus expectation for GameStop to earn 56 cents per share on $2.08 billion in sales. 

Investors have continued to hold onto the hope GameStop and its management team were turning things around; that different store formats and different product offerings would stop the bleeding. Unfortunately, that doesn't seem to be the case, Cramer said. 

Shares are down more than 26% in 2016 and have slid more than 55% in the past 12 months. 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.