Published , by Asif Khan
GameStop (GME) Q1 2024 earnings results post larger than expected loss
GameStop has reported its Q1 2024 earnings results. While the company already pre-announced disappointing revenues of $881.8 million down 28% from Q1 2023, we also got news that the struggling brick and mortar video game retailer posted a wider than expected loss of $0.12/share versus Wall Street analysts' consensus expectation of a $0.09/share loss. GameStop will not be holding an earnings results conference call today.
Source: GameStop Investor Relations
It's important to note that today's earnings release does not cover the period of time in which GameStop has issued millions of shares in two secondary offerings in the interest of bolstering the company's cash balance over the past month.
While GameStop had already pre-announced the Q1 2024 revenue miss it appears that the one-two punch of this weak earnings report and a 75 million share secondary offering have shareholders taking pause after a mammoth run in the share price in the month of May.
Many investors still will be tuning into Roaring Kitty's livestream today at noon to see what the GameStop investor's next move will be with his extremely large GME share and options position.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.
Full Disclosure:
At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:
Long GameStop via GME shares
Long GameStop via GME call options