Jim Cramerthe host of CNBC’s “Mad Money,” took a dig GameStop Corporation GME for not holding an earnings call. This comes after the company reported fourth-quarter financial results, which resulted in a nearly 17% drop in its stock price after-hours trading.
What happened: Cramer expressed his amusement at GameStop’s decision not to hold an earnings call, comparing it to Berkshire Hathaway’s approach. This was revealed in a tweet on Wednesday following the company’s fourth quarter results.
GameStop’s fourth-quarter net sales totaled $1.794 billion, down from $2.226 billion reported a year earlier. This figure is lower than the consensus estimate of $2.05 billion. The company’s earnings per share for the quarter were 22 cents, missing the Street’s estimate of 29 cents per share.
For the full fiscal year, GameStop’s net sales were $5.273 billion, down from $5.927 billion a year earlier. The company ended the quarter with $1.2 billion in cash and no long-term debt outside of a loan related to the COVID-19 pandemic.
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Price action: GameStop shares fell 17% to $12.89 in after-hours trading Tuesday, compared with a 52-week trading range of $11.82 to $27.65, according to data from Benzinga Pro.
Because matter: GameStop’s decision not to hold an earnings call also raised eyebrows, with Cramer’s comments adding to the scrutiny. This comes amid ongoing discussions about the company’s future and its efforts to transition to a more digitally focused business.
Despite the decline in stock price, GameStop has been a key player in the market, with its stock price often compared to that of Dogemoneta DOGE/USD. The company’s performance continues to be closely monitored by both investors and analysts.
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