GameStop (NYSE:GME) stock has slumped to its lowest in over two years, continuing a downward trend that started in April when it was trading at $26.90. It has dropped to $17.87, with focus on its upcoming earnings report on Tuesday this week.
GameStop to Publish its Earnings as its Stock Dives
GameStop stock has slumped over the past few months as investors weigh the implications of its bid to acquire eBay (NASDAQ:EBAY). The company launched a long-shot buyout offer and began accumulating shares in its target.
The challenge, however, is that eBay dwarfs GameStop in size, and Ryan Cohen has yet to lay out a clear plan for funding the deal. According to Bloomberg, GameStop is planning to scrap the deal.
The most recent results showed that GameStop’s revenue jumped to $835 million in the March quarter from $732 million in the same period last year. Its net income soared to $389 million, helped by an unrealized gain of $268 million on a put/call option linked to eBay shares.
