Current:Home > NewsGameStop stock plunges after it reports quarterly financial loss -VitalWealth Strategies
GameStop stock plunges after it reports quarterly financial loss
View
Date:2025-04-16 23:04:42
GameStop remains a hot property among retail investors eager to snap up the "meme stock," but its financial results continue to cool.
The video game seller on Friday reported a loss of $32.3 million on revenue of $882 million in its fiscal first quarter, with declining sales of hardware, software and collectibles. That compared with a loss of $50.5 million on revenue of $1.2 billion in the year-ago period.
"While the numbers were ugly (steep Y/Y drop in sales and a net loss, along w/neg. free cash flow of ~$115MM), they were largely in line w/the preannouncement from back on 5/17," analyst Adam Crisafulli of Vital Knowledge said in a research note.
In morning trade the company's stock fell $11.83 or 25%, to $34.73.
GameStop shares have soared in recent weeks after Keith Gill, a popular trader who touts his results online under the monikers "Roaring Kitty" and "DeepF_Value," resurfaced on social media after a long hiatus. Earlier this month, Gill posted a screenshot in a Reddit forum showing he owns roughly $116 million in GameStop shares.
The return of Roaring Kitty
In its latest jump, the company's stock price rose 47% on Thursday to close at $47.55 when Gill's Roaring Kitty YouTube channel scheduled a June 7 livestream, which would mark his first appearance on the platform in three years.
GameStop's stock also spiked in May when Gill, a financial analyst turned influencer, posted an image on X suggesting he was returning to the public eye.
Before Gill's rise to popularity, GameStop had experienced declining sales amid an industrywide pivot from game cartridges to video game streaming and digital downloads.
GameStop reported net sales of $5.2 billion for its 2023 fiscal year, down from $5.9 billion the previous year. But the company swung to a profit of $6.7 million in 2023, reversing a loss of $313.1 million in fiscal 2022.
- In:
- GameStop
Alain Sherter is a senior managing editor with CBS News. He covers business, economics, money and workplace issues for CBS MoneyWatch.
veryGood! (99134)
Related
- Spooky or not? Some Choa Chu Kang residents say community garden resembles cemetery
- Get Gym Ready With Athleta’s Warehouse Sale, Where You Can Get up to 70% off Cute Activewear
- Who made cut at Masters? Did Tiger Woods make Masters cut? Where cut line landed and who made it
- Hailey Bieber and Justin Bieber Share a Sweet Moment at Coachella 2024
- 'No Good Deed': Who's the killer in the Netflix comedy? And will there be a Season 2?
- Roku says 576,000 streaming accounts compromised in recent security breach
- Chiefs' Patrick Mahomes meets soccer legend Lionel Messi before MLS game in Kansas City
- Hailey Bieber Chops Her Hair for Ultimate Clean Girl Aesthetic Transformation
- Elon Musk’s Daughter Vivian Calls Him “Absolutely Pathetic” and a “Serial Adulterer”
- 1 dead in small plane crash in northwest Indiana, police say
Ranking
- Residents worried after ceiling cracks appear following reroofing works at Jalan Tenaga HDB blocks
- Trump to host rally on Biden’s home turf in northeast Pennsylvania, the last before his trial begins
- A man stabbed to death 5 people in a Sydney shopping center and was fatally shot by police
- Just married? How to know whether to file your taxes jointly or separately.
- 'Kraven the Hunter' spoilers! Let's dig into that twisty ending, supervillain reveal
- How far back can the IRS audit you? Here's what might trigger one.
- Katharine McPhee, Sarah Paulson and More Stars Who've Spoken About Relationship Age Gaps
- Alaska judge finds correspondence school reimbursements unconstitutional
Recommendation
Former Milwaukee hotel workers charged with murder after video shows them holding down Black man
Tiger Woods shoots career-worst round at Masters to fall out of contention
UFL schedule for Week 3 games: D.C. Defenders, Arlington Renegades open play April 13
Leonard Leo won't comply with Senate Democrats' subpoena in Supreme Court ethics probe
The Daily Money: Disney+ wants your dollars
Guilty plea by leader of polygamous sect near the Arizona-Utah border is at risk of being thrown out
Woman who stabbed classmate in 2014 won’t be released: See timeline of the Slender Man case
Chicago shooting kills 7-year-old girl and wounds 7 people including small children, police say