Summary by Futu AI
GameStop Corp. released a preliminary financial report on May 17, 2024, for its first fiscal quarter ended May 4, 2024. The report revealed an expected net loss between $27 million to $37 million, an improvement from the $50.5 million net loss in the same quarter of the previous year. Net sales are anticipated to be between $0.872 billion to $0.892 billion, a decrease from the $1.237 billion reported in the prior year. The company also expects to have between $1.073 billion to $1.093 billion in cash, cash equivalents, and marketable securities, which is lower than the $1.310 billion at the end of the previous year's fiscal quarter. Selling, general and administrative expenses are projected to be between $290 million to $300 million, down from $345.7 million in the prior year. These figures are preliminary and subject to change upon completion of the quarter-end closing process. The report includes forward-looking statements based on current management expectations, subject to risks and uncertainties that could cause actual results to differ materially.