Categories Analysis, Leisure & Entertainment
GME Earnings: GameStop reports net loss for Q1 2024; sales fall 29%
GameStop Corp. (NYSE: GME) Friday reported a net loss for the first quarter of 2024 when the video game company’s sales declined sharply.
The company posted a net loss of $32.3 million or $0.11 per share for the April quarter, compared to a loss of $50.5 million or $0.17 per share in the same period last year. On an adjusted basis, the loss per share was $0.12 in Q1, compared to a loss of $0.14 per share in the year-ago quarter.
The bottom line was negatively impacted by a 29% fall in net sales to $881.8 million during the three months. Cash, cash equivalents, and marketable securities were $1.08 billion at the close of the quarter.
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