Invest
GameStop set to release first earnings since Reddit stock market rally
The video game retailer at the centre of the WallStreetBets saga is set to post its first quarterly market update since the fiasco began, with social-media investors heavily tipped to continue backing the stock.

GameStop set to release first earnings since Reddit stock market rally
The video game retailer at the centre of the WallStreetBets saga is set to post its first quarterly market update since the fiasco began, with social-media investors heavily tipped to continue backing the stock.

Weeks after GameStop starred in a Wall Street trading frenzy, the bricks and mortar retail store is set to post its first earnings since it was caught in the middle of a fight between retail investors and hedge funds.
Tuesday night, Australian time, will be GameStop’s first official statement on its financial picture since January’s market rally sent the price of the stock ‘to the moon’, growing by more than 1,600 per cent in just a couple of days.
The company has since seen incredible volatility trading between US$40 to US$350 a stock.
The strong result in share price did not match a strong performance, with GameStock reporting sales were down more than $1 billion following lockdowns in the United States.
Following these reports, the price of the shares fell by over 30 per cent, with Wall Street heavily shorting the company.
While quarterly results are expected to be a two-year high for the company, WallStreetBets is filled with ‘diamond hands and moon emojis’ of investors saying they will buy the stock regardless of the result.
“Yup it goes like this GameStop won’t stop, buying GameStop!!! Why? Cause I like this stock!!! Wit Diamond handz and rockets ships apes goes bananas for a moon landing,” a member said.
Other members have simply said they are willing to buy more stock in the hopes it will continue to hurt Wall Street hedge funds.
“The battle is only won if I hear news stories of poor hedge fund CEOs committing seppuko or jumping in front of a train. I wanna see blood shed. Those fuckers wouldn’t bat an eye for all those employees GME would have to laid off if their scheme worked,” another member posted.
Reddit community gives back
It was recently revealed that WallStreetBets members donated their proceeds from the short squeeze to help endangered animals.
Gorillas, elephants, pangolins and sea turtles have been handed a lifeline by amateur investors who took on Wall Street.
According to the site, hundreds of thousands have been donated to endangered animals, with conservative organisations across the world getting much-needed support.
In a statement, The Dian Fossey Gorilla Fund thanked WallStreetBets for their generosity.
“We were surprised and honoured by this sudden flood of generosity,” they stated.
“The onset of the pandemic in 2020 made our work in the forests of Rwanda and the Democratic Republic of the Congo more difficult, more costly and more critical to the survival of gorillas and the humans who live nearby.”
“The WallStreetBets donations will be used not only to protect gorillas, but to protect their forest home, which is the second largest tropical rainforest on the planet and one of our best natural defenses against climate change. As we often say: when you save gorillas, you save the planet.”
About the author

About the author


Stock market
Markets succumb to jitters as US CPI maintains strength
Following a slight drop of 0.2 per cent in the United States inflation rate, the latest US April consumer price index (CPI) data indicating higher than expected figures has triggered a fall in the US ...Read more

Stock market
Qantas forecasts return to profitability, announces ultra-long flights
Qantas expects its net debt to condense from $5.5 billion at the end of 2021 to $4.5 billion at the end of April following a period of sustained recovery in travel demand. ...Read more

Stock market
Headwinds to outnumber tailwinds in 2022
Headwinds are likely to outnumber tailwinds in 2022 as the world continues to readjust to the post-pandemic era, one expert has said. ...Read more

Stock market
Aussies can now net frequent flyer points by trading stocks
Superhero is looking to sweeten the deal for traders who are excited for the return of international travel. ...Read more

Stock market
Facebook debuts new name
Zuck gets meta. ...Read more

Stock market
2 big questions investors should ask as Australia reopens
Investors need to stop thinking about how to profit from the mineral sector’s struggles, and start looking at when the best time to ride the recovery will be. ...Read more

Stock market
Trading app popularity skyrockets as retail sector booms
In 2021, trading has never been easier for retail investors, meaning the number of users on trading applications has exploded to an all-time high. ...Read more

Stock market
ETF rush predicted to intensify
The Australian ETF sector advanced AU$6.3 billion in August to hit a new milestone, as its popularity among financial advisers soared. ...Read more

Wrapping up an eventful 2021
Listen now

What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now

Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now

Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now

Stock market
Markets succumb to jitters as US CPI maintains strength
Following a slight drop of 0.2 per cent in the United States inflation rate, the latest US April consumer price index (CPI) data indicating higher than expected figures has triggered a fall in the US ...Read more

Stock market
Qantas forecasts return to profitability, announces ultra-long flights
Qantas expects its net debt to condense from $5.5 billion at the end of 2021 to $4.5 billion at the end of April following a period of sustained recovery in travel demand. ...Read more

Stock market
Headwinds to outnumber tailwinds in 2022
Headwinds are likely to outnumber tailwinds in 2022 as the world continues to readjust to the post-pandemic era, one expert has said. ...Read more

Stock market
Aussies can now net frequent flyer points by trading stocks
Superhero is looking to sweeten the deal for traders who are excited for the return of international travel. ...Read more

Stock market
Facebook debuts new name
Zuck gets meta. ...Read more

Stock market
2 big questions investors should ask as Australia reopens
Investors need to stop thinking about how to profit from the mineral sector’s struggles, and start looking at when the best time to ride the recovery will be. ...Read more

Stock market
Trading app popularity skyrockets as retail sector booms
In 2021, trading has never been easier for retail investors, meaning the number of users on trading applications has exploded to an all-time high. ...Read more

Stock market
ETF rush predicted to intensify
The Australian ETF sector advanced AU$6.3 billion in August to hit a new milestone, as its popularity among financial advisers soared. ...Read more