Traders move around during morning trading on the New York Stock Exchange (NYSE) on May 14, 2024 in New York City.
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game station The video game retailer, which is riding another wave of trading enthusiasm spurred by meme trader Roaring Kitty, showed no sign of an operational turnaround in its dismal first-quarter results.
The video game retailer reported on Friday that net sales for the quarter were $881.8 million, down 29% from $1.237 billion in the same period last year. The sales decline exceeded expectations from two Wall Street analysts who cover the stock. They estimate the cost of each FactSet to be between $900 million and $1.09 billion.
GameStop lost $32.3 million in the quarter, narrowing from a loss of $50.5 million in the same period a year earlier.
The company also gave an update on its ongoing stock sales, saying it would sell additional shares on top of the 45 million shares announced in May, raising more than $900 million.
The first-quarter results were a surprise. The company, which was supposed to release results later this month, will be the subject of a livestream on YouTube later Friday by Keith Gill, better known as “Roaring Kitty.”
The stock fell 4% in premarket trading, giving up nearly 30% of its gains earlier in the morning. Shares jumped 47% on Thursday as Gill’s live broadcast was expected to begin at noon ET. Gill may say something on the air about his massive stake.
GME surges
GameStop has been booming since Gill started posting after a roughly three-year hiatus. The stock is up more than 271% so far this quarter.
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