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Rent the Runway surge, GameStop gains, Jobless claims and more: Thursday’s 5 things to

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Here are the key events taking place on Thursday that could impact trading.

RENT THE RUNWAY: Shares surged 25% in extended trading. The world’s first and largest shared designer closet topped Wall Street revenue estimates and matched the profit expectation.

Third quarter revenue rose 31% to $77.4 million. Active subscribers grew 15% for the three months ended October 31, according to Reuters.

The net loss was $36.2 million compared to $88.1 million a year ago.


rent the runway

 A person walks into the Rent the Runway store in New York City. (Michael M. Santiago/Getty Images / Getty Images)

The company reported losses of $0.56 per share, much better than the same quarter last year when the company reported a loss of $6.72 per share.

The $0.56 per share loss matched analyst estimates.

GAMESTOP: Shares gained 3% in extended trading, after management said the company may explore acquisitions after reporting a slightly worse-than-expected fiscal-third-quarter adjusted loss.

The video game retailer posted a 9.4% fall in quarterly revenue on Wednesday as consumers cut back spending on discretionary items amid stubbornly high inflation.

GameStop store front

Pedestrians pass a GameStop store on 14th Street at Union Square in the Manhattan borough of New York.  (AP Photo/John Minchillo / AP Newsroom)

The company launched a digital wallet earlier this year to enable transactions in a marketplace it is building for gamers and others to buy, sell and trade non-fungible tokens, or NFTs.

However, with crypto winter setting in and the value of cryptocurrencies plummeting, GameStop’s digital wallet ambitions face a bleak future.

Gaming companies are also facing a slowdown in demand for video games from pandemic highs, raising doubts about their ability to weather an economic downturn next year.

GameStop’s revenue in the third quarter fell to $1.19 billion from $1.30 billion a year earlier, according to Reuters.

The company reported a net loss of $94.7 million, or 31 cents per share, in the quarter ended Oct. 29, compared with a loss of $105.4 million, or 35 cents per share, a year earlier.

EARNINGS REPORTS: A slew of companies will report after the market closes including: Broadcom, Chewy, Cooper Companies, Costco Wholesale, Lululemon Athletica and Vail Resorts.


JOBLESS CLAIMS: The Labor Department will release the number of new jobless claims filed last week. Expectations are for 230,000, up slightly from the previous week and indicative of a labor market that remains tight. 

Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to fall slightly for the first time in eight weeks to 1.6 million, but still near the highest since late February.

Online shopping

Christmas sales. Woman shopping with smartphone by laptop in home interior. Xmas. Planning holidays. (iStock / iStock)

RETAIL ROUNDUP: Adobe Analytics will report new e-commerce figures for the full month of November. 

Online spending reached a record high on Cyber Monday with shoppers doling out $11.3 billion.

That figure, a nearly 6% increase over the prior year, marks the biggest online shopping day of all time.


Amazon said it had its biggest ever Thanksgiving holiday shopping weekend, aided by a record number of consumers looking for deals online amid high inflation.

Also being released will be their Digital Price Index. It will look at consumer spending last month in the context of inflation, and whether we observed real net-new demand vs. simply higher prices.


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