Video game retailer GameStop Corp ( GME ) stock released its first-quarter 2024 results early Friday ahead of its scheduled June 11 date.

The company reported net sales of $881.8 million, down from $1.237 billion year-over-year. The net sales total missed a consensus estimate of $995.3 million.

The company reported a loss of 12 cents per share, missing the estimate of a loss of 9 cents per share.

The performance reflects customers transitioning to video games and collectibles online, while the retailer depended on brick-and-mortar stores, according to Reuters.

The gross margin improved by 450 bps to 27.7%. The quarter’s net loss was $32.3 million, down from $50.5 million last year.

The company held $1.08 billion in cash and equivalents as of May 4, 2024.

The stock got a boost from the return of  Keith Gill, also known as Roaring Kitty, to social media following three years of hush. Gill is known for spearheading the meme stock movement.

GameStop ( GME ) will be the subject of a YouTube livestream by meme trader Gill later Friday.

GameStop ( GME ) also filed a prospectus supplement with the SEC regarding its at-the-market offering program, which allows the sale of up to 75 million shares.

Before this filing, GameStop ( GME ) sold 45 million shares on May 17, generating about $933.4 million in gross proceeds. 

The company said it intends to use the net proceeds from the new offering for general corporate purposes, including mergers and acquisition activity.

GameStop ( GME ) stock gained over 78% in the last 12 months. Investors can gain exposure to the stock via iShares Core S&P Mid-Cap ETF ( IJH ) and SPDR MidCap Trust Series I .

Price Action: GME shares traded lower by 16.9% at $38.64 premarket at the last check on Friday.