FX.co ★ GameStop Prel. Q1 Net Loss Narrows, But Sales Decline; Shares Tank In Pre-Market

GameStop Corp. (GME), a retailer specializing in video games and consumer electronics, reported on Friday a narrower preliminary loss for the first quarter compared to last year, despite a decline in sales. For the first quarter, the company anticipates a net loss ranging from $27 million to $37 million, an improvement from the $50.5 million net loss recorded during the same period last year.

GameStop forecasts its selling, general, and administrative expenses to fall between $290 million and $300 million, a reduction from the $345.7 million reported in 2023.

Expected net sales are projected to be between $0.872 billion and $0.892 billion, down from $1.237 billion a year ago.

In pre-market trading on the New York Stock Exchange, GME shares were down by 24.30 percent, trading at $20.94.