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GameStop (GME) Q1 earnings

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Traders walk the floor during morning trading at the New York Stock Exchange (NYSE) on May 14, 2024 in New York City. 

Spencer Platt | Getty Images

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GameStop reported its first-quarter results Friday, showing a steep decline in sales along with a loss on the bottom line.

The video game retailer posted net sales of $881.8 million for the period. That’s down 29% from $1.237 billion a year prior. The sales decline was steeper than the two Wall Street analysts that cover the stock expected. Their estimates were in a range of $900 million to $1.09 billion per FactSet.

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GameStop lost $32.3 million during the quarter, a narrower loss than the $50.5 million suffered in the year-earlier period.

The first quarter results came as a surprise. The company, which will be the subject of a YouTube livestream by meme trader “Roaring Kitty” later Friday, was supposed to release results later in the month.

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Shares were higher by 21% in premarket trading despite the poor operating results in anticipation of what Keith Gill, better known as “Roaring Kitty,” may say on the livestream regarding his sizable stake.

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GME surges

GameStop has been on a tear since Gill began posting after a roughly three-year hiatus. Quarter to date, the stock is up more than 271%.

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