Video game retailer GameStop posts 28% fall in Q1 net sales

By Ovunc Kutlu

ISTANBUL (AA) - American video game, consumer electronics retailer GameStop saw around 28% decline in net sales during the first quarter of this year, according to its financial results statement released Friday.

The company reported net sales of nearly $882 million for the 13 weeks ended May 4, a decrease of 28.7% from approximately $1.24 billion recorded in the 13 weeks ended April 29, 2023.

The retailer, in addition posted $32.3 million net loss in the first quarter, after a net loss of $50.5 million in the same period of last year.

Due to weak financial results, the company's stock price was down 32% to $31.63 per share at 12.27 a.m. EDT (1627GMT) on the New York Stock Exchange.

GameStop shares have been fluctuating massively in recent days, with 21% and 19% gains on Monday and Wednesday, respectively, and a whopping 47% on Thursday, but saw 5% decline on Tuesday, 10% fall on May 29, and 13% decrease on May 23.

The fluctuation came as the meme stock trader Keith Gill, better known as "Roaring Kitty" on YouTube and X, has been making posts about GameStop shares and driving prices higher.

Gill had driven GameStop shares up during the coronavirus pandemic, and has gone live on YouTube at 12.30 a.m. EDT (1630GMT) for the first time in almost four years.

More than 640,000 people have joined his live stream on YouTube at 12.42 a.m. EDT (1642GMT) when GameStop stock price was down 33% to $31 per share at that time.