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

Reuters06-07

Click here to tune into "Roaring Kitty" live broadcast

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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Comment8

  • 3nn
    ·06-07
    Waiting to collect at $20[Grin]  
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  • hongg
    ·06-07
    Revealing it before he streams later. Wow just wow
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  • yapyap168
    ·06-07
    As usual they try to frightened  the retail buyer then bully them what is new 
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  • Guavaxf30
    ·06-07
    This feels deja vu. Just like back in 2020 first Meme collapse.
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    • Guavaxf30
      Where have all the kittens gone?
      Long time passing….
      06-11
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    • Guavaxf30
      I won’t want to call a price but I did note that GME started the month at below $5.00.
      06-07
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    • SPACE ROCKET
      Sell 30 million shares sia. Who want to be a bag holder of such stock with 0 fundamentals
      06-07
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  • If you... is your chance...
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  • The meme heat is not gonna last long...
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    • Boybabyrage
      Its entertaining hahaha
      06-07
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    • SPACE ROCKET
      Haha agree. I'm not into meme stocks but now I'm piqued. Wonder how GME will close tonight lol
      06-07
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  • setia100
    ·06-07
    Ignore it ❗ It's a gambling counter ❗😁
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  • dr_balls
    ·06-07
    Shorts never closed. 
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    • SPACE ROCKETReplying to买香蕉也用券
      Yeah, Congrats darling! It was a great short you have there! You lucky girl!
      06-07
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    • 买香蕉也用券
      Looking forward to 20+ dollars but thinking i might close now
      06-07
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    • SPACE ROCKET
      Shorts will short it back to $20. GME will come back down to earth.
      06-07
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