January 30, 2023

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GameStop, Rent the Runway, C3.ai, and more

GameStop, Rent the Runway, C3.ai, and more

game stop (GME): The retailer missed both the top and bottom lines as sales plummeted amid the gaming slowdown. Third quarter net sales of $1.19 billion were down 8.5% from a year ago, driven by a 19% drop in software sales. GameStop reported a loss of $94.7 million in the third quarter, its seventh straight quarterly loss. Inventory was $1.13 billion, compared to $1.14 billion a year earlier. Shares rose as much as 4% in extended trading on Wednesday.

runway rental (Leasing): The company raised its full-year revenue forecast, sending shares up as much as 22% in extended trading. Rent the Runway expects revenue of between $293 million and $295 million, beating analyst estimates of $288.3 million. CEO Jennifer Hyman noted in the release that the company’s restructuring plan was “largely complete” and would focus on “significantly improving cash burn” going forward.

C3.ai (Amnesty International): The artificial intelligence 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 was up 7.1% from a year ago, driven by a 26% jump in subscription sales. Stocks changed little after hours.

Ducorne wallet (Napa): Shares rose 3% in extended trading after fiscal first-quarter net sales and earnings beat expectations. Revenue for the quarter was $108.2 million, up from $104.2 million a year earlier. Net income was $19.8 million, compared to $21.3 million a year ago.

Duckhorn also noted that Chief Financial Officer Laurie Bowdoin will step down in the spring of 2023 after more than 13 years with the company.

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