GameStop Posts Decline in Quarterly Sales, Reveals Plan to Sell More Stock

Reuters06-07

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June 7 (Reuters) - GameStop reported a decline in first-quarter net sales on Friday, as customers transition to buying video games and collectibles online, while the retailer largely relies on brick and mortar stores.

The company posted net sales of $881.8 million in the quarter ended May 4, compared with $1.24 billion in the same period a year earlier. The sales decline was steeper than the two Wall Street analysts that cover the stock expected. Their estimates were in a range of $900 million to $1.09 billion per FactSet.

GameStop lost $32.3 million during the quarter, a narrower loss than the $50.5 million suffered in the year-earlier period.

The company also gave an update on its ongoing stock sales, saying it would sell an additional 30 million shares on top of the 45 million it had already sold.

The first quarter results came as a surprise. The company, which will be the subject of a YouTube livestream by meme trader "Roaring Kitty" later Friday, was supposed to release results next week. The shares tumbled 16% in premarket trading, erasing earlier gains.

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Comments

  • 3nn
    06-07
    3nn
    Waiting to collect at $20[Grin]  
  • hongg
    06-07
    hongg
    Revealing it before he streams later. Wow just wow
  • yapyap168
    06-07
    yapyap168
    As usual they try to frightened  the retail buyer then bully them what is new 
  • Guavaxf30
    06-07
    Guavaxf30
    This feels deja vu. Just like back in 2020 first Meme collapse.
    • Guavaxf30
      Where have all the kittens gone?
      Long time passing….
    • Guavaxf30
      I won’t want to call a price but I did note that GME started the month at below $5.00.
    • SPACE ROCKET
      Sell 30 million shares sia. Who want to be a bag holder of such stock with 0 fundamentals
    • SPACE ROCKET
      Bears will start shorting it back to $20
  • AJ999
    06-07
    AJ999
    If you... is your chance...
  • Boybabyrage
    06-07
    Boybabyrage
    The meme heat is not gonna last long...
    • Boybabyrage
      Its entertaining hahaha
    • SPACE ROCKET
      Haha agree. I'm not into meme stocks but now I'm piqued. Wonder how GME will close tonight lol
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