08:39 AM EDT, 06/07/2024 (MT Newswires) -- GameStop ( GME ) on Friday reported lower fiscal first-quarter sales on an annual basis amid the trading frenzy surrounding the video game retailer's stock.

The company, which was expected to disclose financial results next week, recorded an adjusted loss of $0.12 per share for the quarter ended May 4, compared with a $0.14 loss the year before. Two analysts polled by Capital IQ had estimated a per-share loss of $0.09. Sales fell to $881.8 million from $1.24 billion, trailing the $995.3 million consensus based on the same number of analysts.

Sales from the hardware and accessories segment dropped to $505.3 million from $725.8 million the year before. Software revenue slipped to $239.7 million from $338.3 million, while collectibles declined to $136.8 million from $207.3 million.

Selling, general and administrative expenses decreased to $295.1 million from $345.7 million, according to GameStop ( GME ). Cash, cash equivalents and marketable securities stood at $1.08 billion at the end of the quarter, down from $1.31 billion in the prior-year period. The company said its long-term debt remains limited to a low-interest, unsecured term loan associated with the French government's response to COVID-19.

The company is reportedly set to be the subject of a YouTube livestream later Friday by Keith Gill, who goes by the "Roaring Kitty" name on the platform and on X. Gill returned to social media last month following a seemingly three-year hiatus and triggered a fresh demand frenzy for GameStop's ( GME ) shares, similar to the meme stock craze that he started in 2021.

The retailer's shares have surged 185% in the past month since Gill's reappearance. The stock closed Thursday's trading session with a 47% jump, but slid 16% in recent premarket activity after the company released its quarterly statement.

Earlier in the week, Gill shared a screenshot through his "DeepF------Value" profile on Reddit (RDDT) that showed he had purchased 5 million shares of GameStop ( GME ) at $21.27 each for a total value of $115.7 million. He also has 120,000 call options worth $65.7 million due to expire June 21, according to the post.

GameStop ( GME ) also raised $933.4 million in gross proceeds in May through an offering of 45 million shares of its class A stock. At the time it said that it plans to use the proceeds for general corporate purposes, including potential acquisitions and investments.

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