GameStop reported a 29% drop in net sales to $881.8 million for its fiscal first quarter, missing Wall Street expectations of $900 million to $1.09 billion. The company incurred a loss of $32.3 million, narrower than the previous year’s $50.5 million loss.
GameStop announced it will sell an additional 75 million shares, following a previous sale of 45 million shares that raised over $900 million.
The results, released earlier than expected, coincided with a YouTube livestream by meme trader “Roaring Kitty” (Keith Gill). GameStop shares fell 14% after dropping 20% in early trading Friday, despite a 47% rally on Thursday in anticipation of Gill’s livestream.
