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 [arstechnica.com] 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."
GameStop (The Stock) and GameStop (The Retailer) Continue to be Worlds Apart [soylentnews.org]
GameStop Shares Rise, Fall and Rise Again in Roller-Coaster Day of Trading [soylentnews.org]
The Complete Moron’s Guide to GameStop’s Stock Roller Coaster [soylentnews.org]