GameStop Corp. /zigman2/quotes/203755179/composite GME +5.83% shares dropped in the extended session Tuesday after the video game retailer's results and outlook fell well short of Wall Street expectations. GameStop shares dropped 21% after hours, following a 2.8% rise in the regular session to close at $6.51. GameStop forecast adjusted full-year earnings of 10 cents to 20 cents a share with a decline in same store sales "in the high-teens," while analysts surveyed by FactSet had forecast $1.21 a share on a 0.3% decline in same-store sales. The company reported a third-quarter loss of $83.4 million, or $1.02 a share, compared with a loss of $488.6 million, or $4.78 a share, in the year-ago period. The company reported an adjusted loss of 49 cents a share. Revenue declined to $1.44 billion from $1.94 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 11 cents on revenue of $1.62 billion. "Our third quarter results continue to reflect the prevailing industry trends, most notably the unprecedented decline in new hardware sales seen across the market as the current generation of gaming consoles reach the end of their lifecycle and consumers delay their spending in anticipation of new hardware releases," said George Sherman, GameStop chief executive, in a statement.