The Gamestop Corp (GME) sharing dropped after the hour on Tuesday as the video game reported the mixed results for its first quarter, showing significant improvement in operational in the midst of a falling income.
The new Bitcoin purchase (BTC) We are For the end of its Q1 its May 3 reports revenues of $ 732.4 million, less than analyst estimates of $ 754.2 million and a 17% decline compared to $ 881.8 million revenue at the same time last year, which is the IG Related With continuous challenges in physical game sales.
Gamestop reported a net income of $ 44.8 million, from a loss of $ 32.3 million for the first quarter of last year. Operating losses have also improved and $ 10.8 million for the season, compared to an operating loss of $ 50.6 million in the first quarter of 2024.
GME slides after time in Miss’s income
Gamestop shares dropped more than 3.5% in the trade after the hour on Tuesday, which fell above just $ 29, According to In Google Finance.
The company’s stock price was relatively flat in the last month, but dropped around 3.8% year-to-date, Dropped slightly after it bought bitcoin In the first time in May.
GME hit a full-time high over $ 80 in January 2021, just after the previous peak of the Crypto Market cycle, and during the Reddit Group WallstreetBets’ The purchase of frenzy stock.
There are many cash available
Gamestop It has been reported that it has $ 6.4 billion cash, cash equivalent, and purchased security, which has grown from $ 1 billion a year ago, which can enable the firm to make more bitcoin purchases.
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Gamestop said it wanted to add Bitcoin as a reserve owner, but it did not specify how much it would like to buy altogether, and said it could sell its stash if needed.
Bitcoin’s purchase started in May
Gamestop joins the rank of increasing number of bitcoin purchase companies when it announces First investment in bitcoin of 4,710 BTC, costing about $ 513 million in time, on May 28th.
The firm said it would fund the purchase of Bitcoin through debt financing and launched a $ 1.3 billion convertible notes offering on time.
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