Engine Gaming and Media, Inc. (GAME) went down by a further 5.90% in the aftermarket, while it already lost 18.91% in regular trading on Friday. On December 03, GAME closed the session at $3.56 to slide down to $3.35 in the after hours. The stock seems to be under market corrections due to profit bookers after its gain the day before.
The online gaming services company, Engine Gaming and Media, Inc. which was founded in 2011, has a market capitalization of $70.36 million. Currently, 15.53 million of the company’s shares are outstanding.
What’s Happening with GAME?
The stock seems to be under market corrections for the previous day’s gain. As, in the previous trading session on December 02, the stock gained well, going from an open of $3.91 to a high close at $4.39 with 1,224,600 shares exchanging. This uptrend in the stock continued in the following aftermarket and premarket on December 03, to reach $4.46. The stock reached such a high after almost 40 days, which made it a good opportunity for profit booking. Following the increase in the stock, it entered market corrections when the market opened on Friday.
To go a little further back in the stock’s timeline, GAME has been more or less in an uptrend since it announced earnings on November 23. After the earnings report, the stock has seen occasional profit booking events followed by an increase again. In the previous five trading sessions, the stock has gone up by 5.59%, while it has lost 3.00% in the past month. Moreover, in the past three months, the stock has seen a decrease of 42.22% and 55.93% year to date.
Financial Report Highlights
Engine Gaming and Media, Inc. (GAME) announced its fourth quarter and fiscal year 2021 financial results on November 23, 2021.
According to the results, the company generated a revenue of $37.3 million in the fiscal year 2021, against $10.5 million in the previous year. Hence, the fiscal year 2021, reported a revenue increase of 253% year-over-year. Moreover, the revenue in the fourth quarter of 2021, was $11.8 million, compared to $7.0 million in Q4 of 2020. This shows an increase of 67% year-over-year.
Furthermore, the fiscal year 2021, incurred a net loss of $40.7 million, against $32.3 million FY2020. In addition, the net loss in the fourth quarter of 2021, was $13.5 million, against $3.4 million in the Q4 of 2020.
