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 reported its first-quarter results Friday, showing a steep decline in sales along with a loss on the bottom line.
The video game retailer 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.
GME surges
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%.
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