
- GameStop shares jumped over 30% in premarket trade early Friday before falling into the red after the company reported a quarterly loss.
- Traders are awaiting a YouTube livestream scheduled by meme stock leader "Roaring Kitty," whose real name is Keith Gill.
- Gill, a key figure in the famed "meme stock" rally of 2021 and whose online posts can quickly move markets, is expected to discuss his GameStop stake on the livestream.
GameStop shares fell into the red in premarket trade Friday, as disappointing earnings outweighed anticipation for a YouTube livestream scheduled by the man who inspired 2021′s epic short squeeze.
Shares were volatile in the early hours. By 6:45 a.m. ET, shares dropped 5% lower, shedding earlier gains of more than 30%.
The video game retailer reported a $32.3 million loss for the first quarter. That was narrower than the $50.5 million loss reported in the same period last year, while net sales of $881.8 million missed analyst expectations.
GameStop saw sharp gains Thursday after "Roaring Kitty" scheduled a YouTube livestream — his first in almost four years.
The trader, whose real name is Keith Gill, was a key figure in the famed "meme stock" rally of 2021. Known for his long livestreams and posts on the now-famous WallStreetBets chatroom, Gill is also known as DeepF------Value on Reddit.
The livestream is due to begin at noon ET on Friday and by 6 a.m. ET, almost 14,000 YouTube accounts were in the queue.
Money Report
Gill is expected to discuss his GameStop stake after revealing a screenshot of his portfolio Monday night. CNBC was unable to verify his GameStop stake and portfolio.
The former Massachusetts Mutual Life Insurance marketer was depicted in the 2023 film "Dumb Money." He testified in congressional hearings on brokers' practices and gamifying retail trading.
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GameStop shares are up 166% in the year to date, according to LSEG data.
— CNBC's Yun Li and Fred Imbert contributed to this report.