NOT GAME OVER. American video game retailer GameStop records a 28 percent decline in net sales during the first quarter of the year. It posted USD32.3 million net loss in the first quarter, after a net loss of USD50.5 million in the same period of last year. (Anadolu)
ISTANBUL – American video game and consumer electronics retailer GameStop saw an estimated 28 percent decline in net sales during the first quarter of the year, according to its financial results statement released Friday.
The company reported net sales of nearly USD882 million for the 13 weeks ending May 4, a fall of 28.7 percent from approximately USD1.24 billion recorded in the 13 weeks ended April 29, 2023.
The retailer, in addition, posted USD32.3 million net loss in the first quarter, after a net loss of USD50.5 million in the same period of last year.
Due to weak financial results, the company's stock price was down 32 percent to USD31.63 per share at 12.27 a.m. (local time) on the New York Stock Exchange.
GameStop shares have been fluctuating massively in recent days, with 21 percent and 19 percent gains on Monday and Wednesday, respectively, and a whopping 47 percent on Thursday, but saw a 5 percent decline on Tuesday, a 10 percent fall on May 29, and 13 percent decrease on May 23.
The fluctuation came as the meme stock trader Keith Gill, better known as "Roaring Kitty" on YouTube and X, has been making posts about GameStop shares and driving prices higher.
Gill had driven GameStop shares up during the coronavirus disease 2019 (Covid-19) pandemic and has gone live on YouTube at 12.30 a.m. (local time) for the first time in almost four years.
More than 640,000 people joined his livestream on YouTube at 12.42 a.m. when GameStop stock price was down 33 percent to USD31 per share at that time. (Anadolu)
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