Bitcoin-buying GameStop drops as Q1 revenues miss estimates
GameStop shares slid over 3.5% after-hours on Tuesday, falling to just above $29 after the video game retailer missed revenue estimates for Q1.
GameStop Corp (GME) shares dropped after-hours on Tuesday as the video game retailer reported mixed results for its first quarter, showing significant operational improvements amid a decline in revenue.
The new Bitcoin (BTC) buying firm’s earnings for its Q1 ending May 3 reported revenues of $732.4 million, lower than analyst estimates of $754.2 million and a 17% decline compared to its $881.8 million revenues at the same time last year, which IG attributed to ongoing challenges in physical game sales.
GameStop reported a net income of $44.8 million, up from a net loss of $32.3 million for the prior year’s first quarter. Operating losses also improved and were $10.8 million for the period, compared to an operating loss of $50.6 million in the first quarter of 2024.
GME slides after-hours on revenue miss
GameStop shares dropped by over 3.5% in after-hours trading on Tuesday, falling to just above $29, according to Google Finance.
The company’s stock price has been relatively flat over the past month, but is down around 3.8% year-to-date, falling slightly after it purchased Bitcoin for the first time in May.
GME hit an all-time high of just over $80 in January 2021, just after the previous crypto market bull cycle peak, and during the Reddit group WallStreetBets’ stock buying frenzy.
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Lots of available cash
GameStop reported it had $6.4 billion in cash, cash equivalents, and marketable securities, which has grown from $1 billion a year ago, which could enable the firm to make more Bitcoin purchases.
GameStop has said it wants to add Bitcoin as a reserve asset, but it hasn’t specified how much it wants to buy in total, and has said it could sell its stash if needed.
Bitcoin buys began in May
GameStop joined the ranks of the growing number of Bitcoin-buying public companies when it announced its first Bitcoin investment of 4,710 BTC, worth around $513 million at the time, on May 28.
The firm said it would fund the Bitcoin purchase through debt financing and launched a $1.3 billion convertible notes offering at the time.
