GameStop shares slip on disappointing sales drop despite ‘Roaring Kitty’ YouTube livestream

GameStop’s shares tumbled 39% Friday after the company reported a wider-than-expected sales drop — and hours after a highly anticipated YouTube livestream from star retail investor “Roaring Kitty” failed to send the stock surging.

The video-game retailer said Friday its net sales tumbled to $881.8 million in the quarter ended May 4, compared with $1.24 billion a year earlier. That was worse than Wall Street expected, with two analysts having predicted sales of $900 million to $1.09 billion, according to FactSet.

GameStop’s net loss narrowed to $32.3 million in the quarter, compared with a net loss of $50.5 million a year earlier.

The company also announced plans to raise more than $3 billion by selling up to 75 million shares, days after it made nearly $933.4 million by selling 45 million shares.

The company was scheduled to post results on June 11, but instead published its quarterly figures on Friday morning, ahead of Gill’s livestream.

Gamestop’s release was devoid of any commentary or quotes from executives, and it said it would not hold a conference call on Friday following results.