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GameStop names Amazon executives as its new CEO, CFO, surprises market with plans to sell more shares - MarketWatch
Jun 09, 2021 44 secs

“These appointments reflect the refreshed board’s focus on building a technology company and investing in growth,” GameStop said in a statement.

Separately, GameStop said it lost $66.8 million, or $1.01 a share, in the fiscal first quarter, compared with a net loss $165.7 million, or $2.57 a share, in the fiscal 2020 first quarter.

Adjusted for one-time items, GameStop lost $29.4 million, or 45 cents a share.

GameStop said that current-quarter sales “continue to reflect momentum,” with May sales up about 27% from May 2020.

Analysts polled by FactSet expected GameStop to report an adjusted loss of 82 cents a share on sales of $1.16 billion.

GameStop also said it plans to file plans with securities regulators to sell up to 5 million shares, “from time to time, in ‘at-the-market’ offerings.”.

The retailer said it had $770.8 million in cash and restricted cash as of May 1.

GameStop raised nearly $552 million in net proceeds through the sales of 3.5 million shares in April

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