GameStop tops sales estimates

GameStop tops sales estimates

The company that became the talk of the town in recent months revealed the figures for the fiscal first quarter 2021

GameStop announced revenues of $1.28 billion, surpassing the $1.16 billion consensus, marking a 25% increase from last year’s numbers. On the other hand, the company reported an adjusted loss-per-share of 45 cents. However, the figures came ahead of the loss of 84 cents per share initially forecasted.

According to the company, the momentum continued in the second quarter, with total sales in May rising about 27% compared to last year’s figures. GameStop failed to provide an outlook for the whole year. Moreover, it is considering selling as much as 5 million shares. According to the prospectus filed with the Security and Exchange Commission, GameStop wants to sell shares from time to time in “at-the-market” offerings. The proceedings will be used for general corporate purposes, investing in growth initiatives, and improving its balance sheet. The company added that as of May 1, it had paid off its long-term debt.

Since the beginning of the year, the company’s stock price went up 1,506%.

Source: cnbc.com

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