GameStop stock soars as meme icon raises almost $1 billion in stock sale

GameStop's stock surged 25% after raising nearly $1 billion through a stock sale, capitalizing on the meme stock phenomenon. The company plans to use the funds for general corporate purposes, possibly including acquisitions. This move reflects a strategy to leverage high stock valuations, despite the company's recent financial struggles.

GameStop's quarterly sales saw a decline when compared to the same period in the previous year. This information can be derived from the mention of "GameStop's quarterly sales fell sharply from the year earlier period, according to its most recent earnings report." Though the exact figures are not provided in the text, it indicates a drop in sales in the more recent quarter compared to the previous year.