GameStop Corp. (GME) sales slumped in most of its global markets in the third quarter, but the vide🔴o game retailer said it reduced its expenses and changed 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开奖号码历史查询: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 as supply constraints eas🐟ed. However, sales sank 16.8% in 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开奖号码历史查询:collectibles, and $18.0 million, or 7.5%, in new software.

However, GameStop not🦩ed it cut selling, general, and administrative exp൩enses 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开奖号码历史查询:securities, among other in🔯vestments.” It gave Chair and CEO Ryan Cohen the power to manage the firm’s portfolio.

Once a 澳洲幸运5开奖号码历史查询:meme stock darling, shares of GameStop late last month fell to their lowest level since th꧙e meme stock craze of early 2021. Despite Thursday's gains, they remain down for the year.