Why GameStop Stock Is Down By 13% Today

SourceYahoo News
SectorFinancial Markets
CountryMiddle east

Oops!Something went wrong.Please try again later.Vladimir ZernovJune 10, 2021, 8:41 AM·2 min readOops!Something went wrong.Please try again later.

GameStop Video 10.06.21.

GameStop Stock Moves Lower As Company Expects To Sell More Shares

Shares of GameStop gained downside momentum after the company released its quarterly results.

GameStop reported an adjusted loss of $0.45 per share and revenue of $1.28 billion, easily beating analyst estimates on both earnings and revenue. GameStop noted that it had $770.8 million of cash and restricted cash on May 1, 2021, while it had not borrowings under the asset-based revolving credit facility and no long-term debt.

GameStop also stated that it may offer and sell up to 5 million shares of its common stock in “at-the-market” offerings.

The company has also announced that Matt Furlong will become CEO while Mike Recupero will become CFO. Both executives come from Amazon.

GameStop added that its May total sales increased by about 27% compared to last year, but the company continued to suspend guidance for the full year.

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