Arguably the biggest stock story of 2021 was GameStop Corp GME and short-squeeze-induced rise in valuation.
What Happened: On Friday, “GameStop” was a top trend on Twitter Inc TWTR. and this wasn’t lost on the company
How's your Friday going? pic.twitter.com/VliF2UD8iq
— GameStop (@GameStop) October 8, 2021
GameStop was trending likely due to the release of several gaming-related items and customers lining up inside and outside stores. The company referred to Friday as “New Game (and system) Day” and said the Oct. 8 date could be one of the biggest ones yet.
The Nintendo Switch OLED from Nintendo Co NTDOY was released Friday and is a hot item for video game players in the U.S.
“Metroid Dread” was released for the Switch on Friday and is likely to be one of the top games sold in the fourth quarter of the calendar year.
The GameStop account retweeted many customers that showed their purchases from stores or shared pictures of long lines in stores.
Related Link: GameStop Shares Fall On Q2 EPS Miss, Revenue Beat
What’s Next: GameStop’s fiscal third quarter will include August, September and October. The strong demand for products this month could have an impact on the company’s financials.
Other titles listed by GameStop for October releases include “FIFA 22” from Electronic Arts Inc EA, “Far Cry 6” from Ubisoft Entertainment UBSFY and “Mario Party Superstars” from Nintendo.
The next quarter looks to be strong with several huge releases shared on the GameStop new release page. Releases include “Call of Duty: Vanguard” from Activision Blizzard Inc ATVI, “Pokemon: Brilliant Diamond,” “Pokemon: Shining Pearl,” “Battlefield 2042” and “Halo Infinite” from Microsoft Corporation MSFT.
GameStop reported second-quarter revenue of $1.18 billion, up 26% year-over-year and ahead of Street estimates. The company missed on its earnings per share figure.
Strong third and fourth quarters fueled by hit games and consoles could help boost revenue and shares.
GME Price Action: GameStop shares are up 1% to $174.31 on Friday. The stock is down 12% since reporting second-quarter earnings.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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