GameStop Corp. (GME) sales slumped in most of its global markets in the third quarter, but the video game retailer said it reduced its expenses and chang❀ed ♊its investment policy. After initially falling on the news, shares turned higher Thursday.

GameStop reported late Wednesday that third-quarter revenue was down 9.1% to $1.078 billion, short of 澳洲幸运5官方开奖结果体彩网:analyst estimates. It broke even in the period, while analysts had been looking for a loss of 8 cents a share.

The company said sales rose 12.8% in Europe a🍎s supply constraints eased. However, sales sank 16.8% ൩in Australia, 13.3% in the U.S., and 9.7% in Canada.

GameStop said the overall drop in sales was primarily attributable to declines of $47.6 million, or 7.6%, in hardware and accessories, $29.7 million, or 14.3%, in 澳洲幸运5官方开奖结果体彩网:collectibles, and $18.0 million, or 7.5%, in new software.

However, GameStop noted it c𒐪ut selling, general, and administrative expenses by 24% to $296.5 million.

The company also reported the board on Tuesday approved a new investment policy that allows GameStop to “invest in equity 澳洲幸运5官方开奖结果体彩网:securities, among o𝕴ther investments.” It gave Chair and CEO Ryan Cohen the power to ma🌄nage the firm’s portfolio.

Once a 澳洲幸运5官方开奖结果体彩网:meme stock darling, shares of GameStop late last month fell to𝔉 their lowest level since the meme stock craze of early 2021. Despite Thu🐷rsday's gains, they remain down for the year.