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GameStop expects first-quarter revenue to drop, shares tumble

Summary
Shares of GameStop tumbled 10% in premarket trading Friday after the video game retailer said it plans to sell securities and reported preliminary results that showed a sales decline in the first quarter.

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GameStop, one of the leading names in the video game retail industry, saw its shares fall more than 20% early on Friday after it said it planned to sell additional shares and reported preliminary results that showed a drop in first-quarter sales after announcing plans to issue up to 45 million Class A common shares in a market offering. GameStop registered an increase in its shares for “Roaring Kitty” The decision to increase share capital came …

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Channel News Asia broke the news in Singapore on Friday, May 17, 2024.
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