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GameStop, the video game retail giant, has unveiled its preliminary financial figures for Q1, concluding on May 4, 2024. The company anticipates net sales to fall within the range of $872 million to $892 million. This shows a year-over-year decline in sales of 28 percent to 30 percent for the quarter.
GameStop also expects a net loss ranging from $27 million to $37 million, an improvement compared to the $40.5 million loss in Q1 of the previous year. Additionally, the company plans to sell up to 45 million shares of its stock to raise capital.
Earlier last week, GameStop shares rose after meme stock figure Keith Gill, known as Roaring Kitty, made his first social media post in three years. In 2021, GameStop experienced a similar situation where its stock prices saw a huge bump owing to viral online content.
Source: GamesIndustry.biz
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