GameStop (GME) has reported dismal first-quarter financial results and announced plans to sell more stock, further diluting the holdings of existing shareholders.
The video game retailer has announced that it lost $32.3 million U.S. during Q1 of this year, which was better than the $50.5 million U.S. the company lost a year earlier.
Sales in the first three months of this year totaled $881.8 million U.S., down 29% from $1.237 billion U.S. a year ago.
Along with its Q1 print, GameStop provided an update on its stock sale, saying it plans to continue raising cash by selling additional shares in the company.
The financial results and increased stock sale come as investor Keith Gill, who is known online as “Roaring Kitty,” scheduled a YouTube livestream event for today (June 7).
GameStop was expected to release its financial results later in June, but suddenly dropped the print pre-market today to capitalize on investor excitement surrounding Gill’s livestream that is scheduled for noon Eastern time today.
GameStop’s stock has been rising ever since Gill returned to social media in May after a three-year absence.
So far this year, GameStop’s stock has gained 179% and currently trades at $46.55 U.S. per share.
Tech Insider
