GameStop shares dip 20% on Q1 sales decline, $3bn share sale offer

GameStop shares dipped around 20% on Friday after the company posted Q1 net sales of $881.8 million, down 29% from $1.2 billion a year ago. It also announced plans to raise over $3 billion by selling up to 75 million shares. GameStop's earnings results come ahead of a YouTube livestream by Roaring Kitty, who drove meme stock rally in 2021.