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Home News Equities

Roaring Kitty’s Comeback Sparks GameStop Mania Amid Surprising Earnings Drop

by Team Lumida
June 10, 2024
in Equities
Reading Time: 3 mins read
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Photo by Michael Förtsch on Unsplash

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3 Key Takeaways:

  1. GameStop’s Q1 loss narrowed, but sales plummeted 29%.
  2. Roaring Kitty’s return reignites meme-stock interest.
  3. GameStop plans to sell 75 million shares at market price.

What Happened?

GameStop unexpectedly released its first-quarter earnings report, revealing a narrowed loss of $32.3 million, or 11 cents a share, compared to a $50.5 million loss (17 cents a share) last year. Sales, however, dropped more than 29%, down to $881.8 million from $1.24 billion.

The company also announced plans to sell 75 million shares at market price, following a previous sale of 45 million shares that generated $933.4 million. The stock plummeted 40% after these announcements, with trading halted 16 times on Friday.

Why It Matters?

The unexpected earnings release and share-sale plan come at a crucial time as meme-stock influencer Keith Gill, known as “Roaring Kitty,” re-emerges after a three-year hiatus.

Gill’s endorsement of GameStop and its CEO Ryan Cohen has rekindled investor interest, reminiscent of the 2021 meme-stock frenzy. GameStop’s stock price is highly volatile, reflecting investor uncertainty and speculative trading fueled by social media influencers.

What’s Next?

Investors should closely monitor GameStop’s execution of its turnaround strategy under CEO Ryan Cohen. The company’s focus on its bricks-and-mortar business, following a failed e-commerce expansion, could be pivotal.

Watch for how the market responds to the additional share sale and whether the renewed meme-stock mania can sustain momentum. GameStop’s ability to adapt to digital gaming trends and the performance of its core retail operations will be critical indicators of its future viability.

Source: Wall Street Journal
Tags: EARNINGSGameStopRoaring Kitty
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018