The Shocking Truth Behind GameStop’s Stock Drop 28% And Its Impact On Wall Street
GameStop, the video game retailer currently experiencing a surge in trading activity due to the influence of meme trader "Roaring Kitty," displayed no signs of improvement in its disappointing fiscal first-quarter results.For the period, the company reported net sales of $881.8 million, a 29% decrease compared to $1.237 billion in the same period last year. This decline in sales was more significant than what the two Wall Street analysts covering the stock had anticipated.According to FactSet, their estimates ranged from $900 million to $1.09 billion. During the quarter, GameStop incurred a loss of $32.3 million, which was narrower than the $50.5 million loss suffered in the same period the previous year.Additionally, the company provided an update on its ongoing stock sales, r...