GameStop beat earnings estimates but missed revenue forecasts, sending shares lower after a major debt offering.

GameStop reported third-quarter 2025 earnings with adjusted earnings of $0.24 per share, exceeding expectations, while revenue fell 4.6% to $821 million, missing estimates of $987.3 million. Profitability improved, with net income rising to $77.1 million from $17.4 million a year earlier, driven by a 50% surge in collectibles sales to $256.1 million. The company’s Bitcoin holdings declined in value to $519.4 million from $528.6 million, and it purchased $985.2 million in marketable securities. Despite strong earnings, shares dropped in after-hours trading due to weak revenue and a $1.75 billion convertible note offering.