Game Stop (EMG): The retailer missed both the top and bottom results as sales declined amid slowing gaming. Net sales of $1.19 billion in the third quarter were down 8.5% from a year ago, due to a 19% drop in software sales. GameStop reported losses of $94.7 million in the third quarter, its seventh consecutive quarterly loss. Inventories were $1.13 billion, down from $1.14 billion a year ago. Shares rose 4% in extended trading on Wednesday.
Rent the track (LEASE): The company raised its full-year revenue forecast, pushing its shares up as much as 22% in extended deals. Rent the Runway reports revenue of $293 million to $295 million, beating analysts’ estimate of $288.3 million. CEO Jennifer Hyman noted in the statement that the company’s restructuring plan is “substantially complete” and will focus on “substantially improving cash burn” going forward.
C3.ai (AI): The AI software provider reported better-than-expected third-quarter earnings and revenue and reaffirmed its full-year revenue forecast of $255 million to $270 million. Revenue for the quarter increased 7.1% from a year ago, driven by a 26% increase in subscription sales. Shares were little changed after hours.
The Duckhorn Wallet (NAPA): Shares rose 3% in extended trading after the winemaker’s net sales and profits in the fiscal first quarter beat expectations. Revenue for the quarter was $108.2 million, compared to $104.2 million a year ago. Net profit was $19.8 million, compared to $21.3 million a year ago.
Duckhorn also noted that its chief financial officer Lori Beaudoin will step down in the spring of 2023 after more than 13 years with the company.