Official announcement from SEC or GameStop

GameStop Reports Q1 Loss, Announces Share Sale, Stock Plummets 20%, $32 Million Loss

Jun 7, 2024, 12:59 PM

GameStop reported disappointing Q1 earnings, with an adjusted EPS loss of $0.12, missing the estimated loss of $0.09. Sales for the quarter were $881.80 million, falling short of the estimated $995.30 million and $1.05 billion. Following the earnings report, GameStop announced plans to sell an additional 75 million shares of common stock. The stock experienced significant volatility, dropping 20% in pre-market trading after initially erasing a 40% pre-market gain, resulting in a 60% swing. GameStop also reported a loss of $32 million for Q1 2024 and saw a -16% drop in pre-market.