GameStop (GME) stock is down 16% to just over $20 this morning after the company announced that it had slashed its fourth-quarter earnings forecast, MarketWatch reports.
GameStop now projects earnings of between $1.25 and $1.29 per share, far short of both its own forecast and the analysts’ consensus of around $1.57.
The company blamed the economy, the weather, and “unexpected shortages of key products”.
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