GameStop's revenue has dropped by 26%, amounting to $882 million

The financial figures for GameStop's first quarter, which concluded on May 4, 2024, have been published.

The company's sales dropped by 26%, reaching $882 million, falling from $1.2 billion during the same period last year. Earlier forecasts shared last month anticipated sales to be between $872 million and $892 million.

GameStop registered a net loss of $32.3 million, which is a 36% decrease compared to the previous year's $50.5 million net loss. The net loss was previously estimated to be between $27 million and $37 million.

The retailer's earnings from hardware and accessories, which constituted 57% of total revenue, fell 30% to $505 million. Software sales, accounting for 27% of total revenue, saw a 29% decline to $240 million.

According to Reuters, GameStop was initially scheduled to release its quarterly results on June 11 but instead made them public last Friday (June 7) without citing any explanation.

Following the disclosure of these results, the company did not hold a discussion with investors or provide a forecast for the subsequent quarter.