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Business: GameStop stock sinks nearly 9% on mixed earnings results

Shares remained in a holding pattern for about an hour before plunging as much as 10% following a brief conference call in which GameStop’s new chief executive, Matt Furlong, read off a press release and took no questions.

Revenue rose 26% to $1.18 billion from $942 million a year ago.

Analysts surveyed by FactSet had expected a net loss of 67 cents a share on revenue of $1.12 billion.

The company also announced it had entered into a lease of a new 530,000-square-foot fulfillment center in Reno, Nev., as well as the lease of a new customer care center in Pembroke Pines, Fla.

Net sales [revenue] remains the ultimate barometer of the company’s financial performance for investors, GameStop CEO Furlong said during an 8-minute conference call after the results were announced. The company did not take questions.

Wednesday’s results reflect more favorable debt and growth from a year ago, when the company reported a loss of $1.40 a share.

This isn’t the first time Bernard Arnault, the head of the sprawling luxury conglomerate LVMH, has been crowned the world’s richest person.

Jon Swartz is a senior reporter for MarketWatch in San Francisco, covering many of the biggest players in tech, including Netflix, Facebook and Google. Jon has covered technology for more than 20 years, and previously worked for Barron’s and USA Today. Follow him on Twitter @jswartz.

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Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my