Gamestop expects sales to decline – down nearly 20 percent since inception – E24

Gamestop expects sales to decline – down nearly 20 percent since inception – E24

US stock markets are rising from the start on the last trading day of the week.

Published:

The status is updated throughout the trading day.

This is what it looked like shortly after the stock market opened:

  • The S&P 500 rose 0.10%.
  • The Dow Jones index rose 0.08%
  • The Nasdaq Composite Index rose 0.10%.

Oil prices are roughly the same level they were when US markets closed yesterday. A barrel of North Sea oil (the burnt spot) is now trading at $83.23.

On Thursday, Walmart soared to new heights after reporting record numbers. All indicators are now close to record levels.

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Video game retailer Gamestop on Friday presented preliminary numbers showing sales revenue estimated at between $872 million and $892 million in the second quarter.

This is a sharp decline compared to the same quarter last year, when sales revenue exceeded $1.2 billion.

Meanwhile, the video game retailer reported in a separate stock exchange announcement that it plans to raise money by selling shares and other assets. The extent of the problem was not mentioned.

In pre-trading, the stock fell more than 20 percent.

Shortly after the stock market opened, the stock fell about 20 percent.

Yo-yo stocks

This week, Gamestop stock rose after a user on X named “Roaring Kitty” posted for the first time in about three years. The photo, which was posted on X/Twitter, showed a player leaning forward in a chair.

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On Monday, Gamestop's share concluded the trading day at more than 70 percent.

“Roaring Kitty” has been described as the driving force on a Reddit forum regarding the chaos surrounding Gamestop stock in 2021.

At Thursday's close, the stock was trading at $27.66 per share, nearly 60 percent higher than it was before the recent rally began.

Michael Butcher, an analyst at Wedbush who follows Gamestop, says the company is not in a position to turn a profit.

– They made six million dollars last year and burned cash. He adds: We expect them to lose a hundred million dollars next year CNBC.

Reddit jumps into Open AI deal

Social media company Reddit soared after announcing the company was partnering with Open AI.

The agreement means that Open AI will have access to Reddit content, which will make it possible to use AI tools to better understand and deliver content, according to Reddit. press release.

Reddit, for its part, will be able to add new AI-powered features to its platform. Open AI will also become an advertising partner of Reddit.

The stock rose more than 10 percent in premarket trading, according to him CNBC.

Shortly after the market opened, Reddit's share rose 14.58 percent.

A rebound in Chinese real estate stocks

On European stock exchanges, there was mostly a decline shortly before the open on Wall Street. The largest decline occurred on the Paris Stock Exchange, where it fell by 0.47 percent.

In Asia too, there was mostly a decline on Friday morning. At the same time, there was a rise in Chinese real estate stocks. The result comes after several changes to mortgage rules, including lowering equity requirements.

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Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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