Gamestop Q2 Earnings On Deck: 'Meme Stock' Army Waits For A Spark

The OG meme stock, GameStop, has been quiet in recent months as retail buzz shifted to names like Opendoor, but analysts and traders expect its quarterly report on Tuesday to reignite momentum.

GameStop shares have traded within a narrow range, following a significant decline after the company's first-quarter report in June. That showed a shrinking core business and limited plans with regard to its Bitcoin treasury initiative, which sparked investor interest earlier this year.

Shares gained 0.3% in the premarket session on Tuesday, ahead of the results due after the markets close. On Stocktwits, the retail sentiment was 'bullish' and message volume was 'extremely high.'

"I think it's gonna fly tomorrow because of Nintendo Switch 2 and Bitcoin," a user said, pointing to the record sales of the gaming console, available at GameStop, among other retailers in the U.S., and the surging Bitcoin price in recent months.

Analysts expect the company to report a 3.1% rise in second-quarter revenue, after seven quarters of sales declines, according to Koyfin data. Adjusted per-share earnings are expected to be $0.15 compared to $0.01 in the year-ago quarter.

GameStop has seen its business decline recently, and some analysts have pulled their coverage on the company. Its shares trade as a meme stock, fueled by social media buzz rather than fundamentals, with recent momentum tied to its involvement in the cryptocurrency market.

In March, the company unveiled a plan to buy Bitcoin as a treasury asset and said it acquired 4,710 bitcoins between May 3 and June 10.

GME stock is down 26% year-to-date.

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