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GameStop, Rent the Runway, and more

GameStop (GME): The retailer missed both its top and bottom lines as sales fell amid a slowdown in gaming. Third-quarter net sales of $1.19 billion were down 8.5% from a year ago, driven by a 19% decline 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 with $1.14 billion a year ago. Shares rose as much as 4% in extended trading on Wednesday.

Rent the runway (RENT): The company raised its full-year revenue forecast, sending shares up as much as 22% in extended trading. Rent the Runway sees revenue of $293 million to $295 million, topping analysts̵[ads1]7; estimates of $288.3 million. CEO Jennifer Hyman noted in the release that the company’s restructuring plan was “substantially complete” and will focus on “significantly improving cash burn” going forward. (AI): The AI ​​software provider reported better-than-expected earnings and revenue in the third quarter 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. Shares were little changed after hours.

The Duckhorn Portfolio (NAPA): Shares rose 3% in extended trading after the winemaker’s first-quarter net sales and profit beat expectations. Revenue for the quarter was $108.2 million, up from $104.2 million a year ago. Net income was 19.8 million dollars, compared to 21.3 million dollars a year ago.

Duckhorn also noted that CFO Lori Beaudoin will step down in the spring of 2023 after more than 13 years with the company.

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