GameStop stock plunges as 'Roaring Kitty' reappears, company plans big stock sale

During his livestream, Keith Gill, also known as "Roaring Kitty," discussed his views on GameStop's management, particularly focusing on Ryan Cohen. He expressed his belief in Cohen's ability to successfully lead the company, stating, "I see enough where I believe this guy may be able to do it." Gill also emphasized that his investment stance is a bet on the management team and their strategies. He reiterated that the screenshots of GameStop holdings posted earlier on social media were his own and clarified that he is not working with any hedge funds. Additionally, Gill reminded his audience that the content of his stream should not be considered investment advice.

In the first quarter, GameStop reported a decline in net sales and earnings per share compared to analyst estimates. Net sales dropped 29% to $882 million, while analysts had estimated $995.5 million. The company posted an adjusted loss of $0.12 per share, compared to estimates of a loss of $0.09. The financial performance of GameStop in the first quarter missed analyst expectations, leading to a drop in the company's stock price.