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GameStop set to release first earnings since Reddit stock market rally

  • March 23 2021
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GameStop set to release first earnings since Reddit stock market rally

By Cameron Micallef
March 23 2021

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

GameStop set to release first earnings since Reddit stock market rally

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  • March 23 2021
  • Share

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

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.

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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.”

GameStop set to release first earnings since Reddit stock market rally
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

author image
Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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