GameStop’s revenue came at $798 million, missing the analysts’ estimates of $896 million. It also marked a decline of 31.4% compared to revenue of $1.164 billion in the same period last year. The drop in sales is attributed to more consumers opting to make their video game purchases online.

 However, GameStop also recorded a net income of $14.8 million, amounting to $0.04 in adjusted earnings per share, an improvement from a $2.8 million or $0.01 a share loss from a year ago. The analysts expected a loss of $0.09 per share.

Back in July, GameStop raised more than $2 billion from stock sales, which the company intended to use on acquisitions and mergers. Now, it will sell another 20 million shares, saying the proceeds will go toward “general corporate purposes.”

Additionally, GameStop intends to close some of its underperforming stores and is in the process of identifying such locations.

GameStop’s shares have dropped more than 10% after the Q2 report release. The company’s stock is 40.67% up year-to-date but has lost more than 50% of its value since peaking at $48.75 per share in May.

The post GameStop Reports Declining Sales, Announces 20 Million Shares Offering appeared first on theprimarymarket.com.

Gill was in the midst of a GameStop short squeeze in January 2021, which saw the retailer’s stock jump from $17.25 at the beginning of the month to more than $500 per share by the end of the month. It is estimated that his initial investment of $53,000 in GameStop stock ended up being worth $200 million at one point.

Now, Gill is once again betting on GameStop, revealing on Reddit that he made a $116 million investment in the company’s shares. His post indicates that he now holds 5 million shares in GameStop, which represents around 1.8% of publicly available stock.

“Keith Gill is putting his money where his tweets are, and some investors are clearly following his lead and rekindling interest in meme stocks,” said Ben Laidler, global markets strategist at digital brokerage eToro, told Yahoo Finance. “This is having a disproportionate share price impact given the short position in the stock combined with its relatively small market capitalization.”

GameStop closed at $23.10 per share on Friday and has been trading at around $30 per share on Monday. The company’s stock is currently 79.60% up year-to-date.

The post GameStop Stock Soars 28.15% After Stock Influencer’s Bet appeared first on theprimarymarket.com.

The video game and electronics retailer had a slight dip in net sales compared to the same period last year, going from $2.25 billion to $2.23 billion. However, the profits came at $48.2 million compared to a $147.5 million loss the year before.

GameStop’s return to profitability has a lot to do with the company’s efforts to cut costs, which is something they intend to continue doing in the future.

“Looking ahead, we’re aggressively focused on year-over-year profitability improvement while still pursuing pragmatic long-term growth,” CEO Matt Furlong said during an earnings call on Tuesday.

However, while the cost-cutting methods might be working for the company at the moment, most analysts agree this isn’t sustainable in the long run. The overall sentiment is that the company will have to find ways to remain profitable by actually increasing its sales.

After closing at $17.64 per share on Tuesday, the GameStop stock surged to the $26.76 mark early on Wednesday. This represents their highest price since late 2022. The company’s shares later stabilized at around $24 later in the day.

The post GameStop Has First Quarterly Profit in 2 Years, Sees Huge Stock Jump appeared first on theprimarymarket.com.

GameStop’s board voted in favor of a 4-for-1 stock split on Wednesday. The decision won’t affect the value of the investment for the current shareholders, but the number of their shares will increase in a way that they’ll receive three extra shares for every share they now own. On the other hand, owning GameStop stock (GME) will become much easier for the new investors as the shares will be four times cheaper. The stock split will become effective on July 22.

GME closed at $117.43 on Wednesday before surging to $134.81 at one point following the stock split announcement. It later settled at 133.76 in extended trading, which marked a 14% daily increase.

Stock splits have recently become quite a popular trend, especially among tech companies. For example, e-commerce giant Amazon and Google’s parent company Alphabet had 20-for-1 splits in June while electric car maker Tesla announced a 3-for-1 stock split earlier this year. There are several reasons why companies decide to do a stock split, but probably the most common one is to make shares available to individual investors and increase the demand. 

The post GameStop Shares Surge After Stock Split Announcement appeared first on theprimarymarket.com.

GameStop’s revenue came at $798 million, missing the analysts’ estimates of $896 million. It also marked a decline of 31.4% compared to revenue of $1.164 billion in the same period last year. The drop in sales is attributed to more consumers opting to make their video game purchases online.

 However, GameStop also recorded a net income of $14.8 million, amounting to $0.04 in adjusted earnings per share, an improvement from a $2.8 million or $0.01 a share loss from a year ago. The analysts expected a loss of $0.09 per share.

Back in July, GameStop raised more than $2 billion from stock sales, which the company intended to use on acquisitions and mergers. Now, it will sell another 20 million shares, saying the proceeds will go toward “general corporate purposes.”

Additionally, GameStop intends to close some of its underperforming stores and is in the process of identifying such locations.

GameStop’s shares have dropped more than 10% after the Q2 report release. The company’s stock is 40.67% up year-to-date but has lost more than 50% of its value since peaking at $48.75 per share in May.

The post GameStop Reports Declining Sales, Announces 20 Million Shares Offering appeared first on theprimarymarket.com.

Gill was in the midst of a GameStop short squeeze in January 2021, which saw the retailer’s stock jump from $17.25 at the beginning of the month to more than $500 per share by the end of the month. It is estimated that his initial investment of $53,000 in GameStop stock ended up being worth $200 million at one point.

Now, Gill is once again betting on GameStop, revealing on Reddit that he made a $116 million investment in the company’s shares. His post indicates that he now holds 5 million shares in GameStop, which represents around 1.8% of publicly available stock.

“Keith Gill is putting his money where his tweets are, and some investors are clearly following his lead and rekindling interest in meme stocks,” said Ben Laidler, global markets strategist at digital brokerage eToro, told Yahoo Finance. “This is having a disproportionate share price impact given the short position in the stock combined with its relatively small market capitalization.”

GameStop closed at $23.10 per share on Friday and has been trading at around $30 per share on Monday. The company’s stock is currently 79.60% up year-to-date.

The post GameStop Stock Soars 28.15% After Stock Influencer’s Bet appeared first on theprimarymarket.com.

The video game and electronics retailer had a slight dip in net sales compared to the same period last year, going from $2.25 billion to $2.23 billion. However, the profits came at $48.2 million compared to a $147.5 million loss the year before.

GameStop’s return to profitability has a lot to do with the company’s efforts to cut costs, which is something they intend to continue doing in the future.

“Looking ahead, we’re aggressively focused on year-over-year profitability improvement while still pursuing pragmatic long-term growth,” CEO Matt Furlong said during an earnings call on Tuesday.

However, while the cost-cutting methods might be working for the company at the moment, most analysts agree this isn’t sustainable in the long run. The overall sentiment is that the company will have to find ways to remain profitable by actually increasing its sales.

After closing at $17.64 per share on Tuesday, the GameStop stock surged to the $26.76 mark early on Wednesday. This represents their highest price since late 2022. The company’s shares later stabilized at around $24 later in the day.

The post GameStop Has First Quarterly Profit in 2 Years, Sees Huge Stock Jump appeared first on theprimarymarket.com.

GameStop’s board voted in favor of a 4-for-1 stock split on Wednesday. The decision won’t affect the value of the investment for the current shareholders, but the number of their shares will increase in a way that they’ll receive three extra shares for every share they now own. On the other hand, owning GameStop stock (GME) will become much easier for the new investors as the shares will be four times cheaper. The stock split will become effective on July 22.

GME closed at $117.43 on Wednesday before surging to $134.81 at one point following the stock split announcement. It later settled at 133.76 in extended trading, which marked a 14% daily increase.

Stock splits have recently become quite a popular trend, especially among tech companies. For example, e-commerce giant Amazon and Google’s parent company Alphabet had 20-for-1 splits in June while electric car maker Tesla announced a 3-for-1 stock split earlier this year. There are several reasons why companies decide to do a stock split, but probably the most common one is to make shares available to individual investors and increase the demand. 

The post GameStop Shares Surge After Stock Split Announcement appeared first on theprimarymarket.com.