GameStop shares fell after the business announced preliminary first-quarter earnings, stating that it expected a drop in revenues but a narrower deficit in the spring quarter.
The stock fell 10% to $24.84 in premarket trading. Shares had gained 58% year to date when the market closed.
The video game store said Friday that it expected a loss of $27 million to $37 million for the 13 weeks ended April 29, down from a $50.5 million loss in the same quarter last year.
Sales are estimated to be $872 million to $892 million, a decrease from $1.24 billion in the previous quarter. FactSet surveyed two experts, who expected the company to still break $1 billion on the top line.
Overhead costs are estimated to be in the $290 million to $300 million range, down from $345.7 million last year.
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WSJ.COM
Daisy Morgan is a dedicated business journalist known for her insightful coverage of global economic trends and corporate developments. With a career rooted in a passion for understanding the intricacies of the business world, Daisy brings a unique perspective to her writing, combining in-depth research with a knack for uncovering compelling stories. Her articles offer readers a comprehensive view of market dynamics, entrepreneurship, and innovation, aiming to inform and inspire professionals and enthusiasts alike.
