GameStop (GME) Q1 2024 earnings results post larger than expected loss

GameStop has pre-announced its full Q1 2024 earnings report as the company announces a secondary offering of shares. Here's all the details.


GameStop has reported its Q1 2024 earnings results. While the company already pre-announced disappointing revenues of $881.8 million down 28% from Q1 2023, we also got news that the struggling brick and mortar video game retailer posted a wider than expected loss of $0.12/share versus Wall Street analysts' consensus expectation of a $0.09/share loss. GameStop will not be holding an earnings results conference call today.

Screenshot of GameStop's Q1 2024 earnings results.

Source: GameStop Investor Relations

It's important to note that today's earnings release does not cover the period of time in which GameStop has issued millions of shares in two secondary offerings in the interest of bolstering the company's cash balance over the past month. 

While GameStop had already pre-announced the Q1 2024 revenue miss it appears that the one-two punch of this weak earnings report and a 75 million share secondary offering have shareholders taking pause after a mammoth run in the share price in the month of May.

Many investors still will be tuning into Roaring Kitty's livestream today at noon to see what the GameStop investor's next move will be with his extremely large GME share and options position.

This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.

Full Disclosure:

At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:

Long GameStop via GME shares

Long GameStop via GME call options


Asif Khan is the CEO, EIC, and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.

From The Chatty
  • reply
    June 7, 2024 8:45 AM

    Asif Khan posted a new article, GameStop (GME) Q1 2024 earnings results post larger than expected loss

    • reply
      June 7, 2024 8:52 AM

      Asif, what's the 15 second explanation of how this dying company also has this weird multi billion stock bullshit along with it

      • reply
        June 7, 2024 8:57 AM

        “If people keep buying it, the price keeps going up”

      • reply
        June 7, 2024 10:04 AM

        Wall Street's worst kept secret for many years was GameStop's short interest being above 100% of existing shares. Many analysts thought that the company's bankruptcy was inevitable. Through a series of very unlikely events, GameStop made it through the 2020 lockdown, and the squeeze began. We were never given a true explanation of how the shorts covered in the Spring of 2021. GameStop has taken advantage of these squeeze runs over the years by issuing shares, increasing their cash holdings, paying down debt, and investing in several things.

        GameStop will likely have $5 billion in cash with next to zero debt on its balance sheet after the most recent secondary offering is completed.

        While it is not necessarily bullish for shares to dilute existing shareholders, it remains to be seen what GameStop will do with its cash holdings.

        Sorry, that is probably more than 15 seconds.

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          June 7, 2024 10:06 AM

          Thank you! Am I incorrect in calling it a dying company? Everytime I go into one it's barren and filled with funko pops and pillows

          • reply
            June 7, 2024 10:23 AM

            In my opinion, it is better to describe this situation as a company with a dying business model that has been given an opportunity to pivot.

            The first pivot failed. This current pivot allows the CEO to make outside investments in a portfolio management style with GameStop’s cash holdings.


            This new Investment Policy may turn GameStop into a holding company akin to Berkshire Hathaway.

            That’s if Ryan Cohen doesn’t blow it all on something dumb.

            • reply
              June 7, 2024 10:37 AM

              Gamestop pivoting to Berkshire Hathaway would be amazing.

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          June 7, 2024 10:08 AM

          Gamestop will do the most sensible thing with their cash holdings. Buy more Funko Pops!

          • reply
            June 7, 2024 10:19 AM

            Time to capitalize on this and buy some FNKO stock!

            • reply
              June 7, 2024 10:34 AM

              Gamestop branded funcos, the head is just the letters $GME

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