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GameStop Falls Most in 15 Months on Sluggish Sales, Stock Offer

  • The company plans to sell as much as $100 million in stock
  • Cost cuts, meanwhile, help contain its loss in latest quarter
Updated on

GameStop Corp. plunged as much as 22%, the most since September 2019, after the video-game retailer missed third-quarter sales estimates and announced plans to sell up to $100 million in stock.

Sales fell 30% to $1 billion in the period ended Oct. 31, GameStop said on Tuesday. Analysts had predicted $1.09 billion. The stock sale, a so-called at-the-market offering, will be underwritten by Jefferies Financial Group Inc.