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GameStop reports a 29% decline in sales and $32 million loss for the first quarter
Traders walk the floor during morning trading at the New York Stock Exchange (NYSE) on May 14, 2024 in New York City.
Spencer Platt | Getty Images
GameStop the video game retailer currently riding another wave of trading enthusiasm spurred on by the meme trader ‘Roaring Kitty,’ showed no signs of an operational turnaround in its dismal first-quarter results.
The video game retailer on Friday posted net sales of $881.8 million for the period. That’s down 29% from $1.237 billion a year prior. 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 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 later in the month.
Shares were higher by 21% in premarket trading despite the poor operating results in anticipation of what Keith Gill, better known as “Roaring Kitty,” may say on the livestream regarding his sizable stake.
GameStop has been on a tear since Gill began posting after a roughly three-year hiatus. Quarter to date, the stock is up more than 271%.
This is breaking news. Please check back for updates.
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