GameStop Reports Earnings: Stock Falls 39.4% Amidst Stock Sales
Sectors & Industries
June 10, 2024
GameStop's stock plummeted 39.4% on June 7th after trader "Roaring Kitty" provided no new insights during an overly anticipated YouTube livestream.
Around the same time, GameStop reported poor earnings, with first-quarter net sales of $881.8 million, a 29% drop from the previous year, and a quarterly loss of $32 million.
Thankfully, the company is better at selling stock than video games.
They did manage to pocket about $1B by selling newly issued stock amidst the recent GameStop meme trading, and they plan to sell another 75 million shares ($2.1B at today's valuation), further diluting the stock.
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