The company, which is feverishly tracked by retail investors following a meme stock frenzy in early 2021 that sent its shares to dizzying levels, has been trying to restructure itself by operating a smaller network of stores and focusing on selling more value-added items to boost sales and profitability. The 31% slide in GameStop's revenue in the most recent quarter overshadowed a swing to net profit. GameStop has raised a little over $3 billion through share sales in May and June, taking advantage of wild swings in its stock following bullish bets by Keith Gill, also known as "Roaring Kitty", who has been a key figure in the so-called "Reddit rally."
Shares of GameStop (GME), a widely watched meme stock, tumbled 10% in premarket trading on Wednesday after the video game retailer reported a bigger drop in quarterly revenue, questioning its ability to revitalize its business.
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