(MENAFN- Baystreet) Big Players Lining Up to Secure Critical Supplies of Nickel Despite Price Drop
Agritech
market Boom: AI, IoT, and Biologicals Drive Growth to $49.2 Billion by 2031
Pancreatic Cancer Battle Intensifies with Biotech Sector's Advanced Treatments
Amgen Cancer Drug Wins FDA Nod
Cytokinetics to Host Muscle Seminar Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, May 17, 2024
GameStop Files to Sell More Stocks, Shares Dwindle
GameStop (NYSE:GME) shares tumbled Friday after the video game retailer said it plans to sell additional shares and reported preliminary results that showed a sales decline in the first quarter.
In a new regulatory filing, the firm said it's selling up to 45 million class A common shares in an at-the-market offering. The offering comes after GameStop's stock surged earlier this week in a brief revival of the meme stock trade.
Meanwhile, in a separate statement, GameStop said it now expects net sales to be in the range of $872 million to $892 million, down from compared to $1.237 billion in the same quarter last year. Two analysts polled by FactSet expected first quarter revenue of around $1 billion.
Net loss is expected to be in the range of $27 million to $37 million, compared to a net loss of $50.5 million in the prior year fiscal quarter. The brick-and-mortar video game company has been grappling with stiff competition from e-commerce-based competitors. In late March, GameStop announced an unspecified number of job cuts to reduce costs.
The rally in GameStop this week appeared to be fueled in part by posts on X from the long dormant account of Roaring Kitty, aka Keith Gill, one of the key figures in the 2021 meme stock mania. GameStop hit a high of $64.83 per share on Tuesday, up more than 200% since its closing level last Friday.
GME shares withered $7.91, or 28.6%, to $19.76.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN17052024000212011056ID1108227440
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.