GameStop (GME) Q1 earnings

GameStop reported its first-quarter results Friday, showing a steep decline in sales along with a loss on the bottom line.

The video game retailer posted net sales of $881.8 million for the period. That’s down 29% from $1.237 billion a year prior. To be sure, the company’s quarterly loss of $32.3 million was narrower than the year-earlier period’s of $50.5 million.

The first quarter results came as a surprise. The company, which will be the subject of a YouTube livestream by meme trader “Roaring Kitty” later Friday, was supposed to release results later in the month. The shares were higher by 21% in premarket trading despite the poor operating results in anticipation of what ‘Roaring Kitty’ aka Keith Gill may say on the livestream regarding his sizable stake.

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