GameStop remains a hot property among retail investors eager to snap up the “meme stock,” but its financial results continue to cool.
The video game seller on Friday reported a loss of $32.3 million on revenue of $882 million in its fiscal first quarter, with declining sales of hardware, software and collectibles. That compared with a loss of $50.5 million on revenue of $1.2 billion in the year-ago period.
“While the numbers were ugly (steep Y/Y drop in sales and a net loss, along w/neg. free cash flow of ~$115MM), they were largely in line w/the preannouncement from back on 5/17,” analyst Adam Crisafulli of Vital Knowledge said in a research note.
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