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GameStop stock falls sharply amid 5M-share sales plan, SEC investigation

Accepted submission by Freeman at 2021-06-10 17:14:09 from the sharp pointy lines dept.
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https://arstechnica.com/gaming/2021/06/gamestop-stock-falls-sharply-amid-5m-share-sales-plan-sec-investigation/ [arstechnica.com]

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."

Previously:
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]


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