GameStop (GME.US) shares are down almost 20% today, before the US market open, as a hawkish NFP report pressured Wall Street and strengthened the US dollar, trimming risk appetite and traders sentiments. What's more, the company presented today weak Q1 earnings and will sell another 75 million shares, diluting shareholders by approximately 20% (previously, in May it was 45 million shares).
- Net sales fell by -29% YoY to $882 million vs $995 million in Q1 2023
- Adjusted loss per share came in -$0.12 vs -$0.9% exp. (but with little lower net loss of $32.3 million vs $50.5 million in Q1 2023)
- SG&A expenses in Q1 were down -15%
- GME will not hold any investor's or press conference today
Yesterday GME risen more than 47% as popular trader and Reddit's Wall Street Bets idol, Keith Hill 'Roaring Kitty' revealed huge, unrealized gains of $382 million on GME shares and options, with more than 200% cumulated return from it. What's more, Roaring Kitty will make YouTube livestream on Friday (at noon ET - 5 PM BST), which fuelled traders optimism about future speculative rally not only in GME but on the entire meme stocks market. Previously, GameStop rallied 180% over a span of two days in May as Roaring Kitty came back on X, first time since 2021 meme stocks rally.
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