GameStop Corporation (NYSE: GME), the video game retailer, recently released its first-quarter earnings report for fiscal year 2024.
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Financial Performance
- Sales Decline: GameStop reported a 29% decline in sales during Q1 2024.
- Narrowed Loss: Despite the poor sales performance, the company managed to narrow its loss to $32.3 million.
Market Reaction
- Stock Surge: Surprisingly, GameStop’s shares rose by 21% in premarket trading following the earnings announcement. This surge occurred ahead of Roaring Kitty’s livestream, likely contributing to the positive sentiment.
Analyst Expectations
- Consensus EPS Forecast: Based on analysts’ forecasts, the consensus EPS forecast for Q1 2024 was $-0.1.
- Comparison to Last Year: GameStop reported an EPS of $-0.14 in the same quarter last year.
Reddit Star’s Influence
- Keith Gill (Roaring Kitty): The Reddit-famous investor, Keith Gill, has been closely associated with GameStop. Investors are keenly interested in how much he made from the stock during this period.
Future Outlook
- GameStop’s earnings are expected to grow significantly in the coming year, with an estimated EPS of $0.09 for fiscal year 2025.
- The company’s stock price remains volatile, influenced by both fundamental factors and social media buzz.
In summary, GameStop’s Q1 earnings report reflects a challenging sales environment but also hints at potential recovery. Investors and enthusiasts continue to monitor the stock’s performance closely.