| Title | GameStop Stock Falls Sharply Amid 5M-Share Sales Plan, SEC Investigation | |
| Date | Friday June 11 2021, @01:04AM | |
| Author | Fnord666 | |
| Topic | ||
| from the sharp-pointy-lines dept. | ||
GameStop stock falls sharply amid 5M-share sales plan, SEC investigation:
GameStop's quarterly earnings report, released last night, contained relatively good news for the embattled retailer, including a smaller-than-expected operating loss and the company's first year-over-year increase in quarterly revenues in years. But GameStop's heavily inflated stock price is down significantly in morning trading on news that the company plans to sell more shares and the announcement that it is cooperating with a Securities and Exchange Commission investigation into the "meme stock" phenomenon.
In what CEO George Sherman called a "strong start to the year," GameStop's net sales were up over 25 percent to $1.3 billion in the fiscal quarter ending on April 30. That's despite "a roughly 12 percent reduction in the global store fleet due to our strategic de-densification efforts and the continued store closures in Europe during the quarter due to the COVID-19 pandemic."
Previously:
GameStop (The Stock) and GameStop (The Retailer) Continue to be Worlds Apart
GameStop Shares Rise, Fall and Rise Again in Roller-Coaster Day of Trading
The Complete Moron's Guide to GameStop's Stock Roller Coaster
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printed from SoylentNews, GameStop Stock Falls Sharply Amid 5M-Share Sales Plan, SEC Investigation on 2024-04-19 20:08:05