GameStop (GME) - Get Report earnings came in slightly softer than expected, with adjusted profits coming in at $1.34 a share, which is slightly up from the same period last year and was just one penny shy of Wall Street's expectations.
Revenues also came in slightly shy of expectations, coming in at $2.122 billion. However, e-commerce sales did surge 175%.
In a filing with the Securities and Exchange Commission, GameStop said, "we have not experienced any material changes in our financial condition or results of operations that would explain such price volatility or trading volume."
The company noted, "we have been evaluating whether to increase the size of the ATM Program and whether to potentially sell shares of our Class A Common Stock under the increased ATM Program during the course of fiscal 2021, primarily to fund the acceleration of our future transformation initiatives and general working capital needs."
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