08:00 AM EDT, 05/17/2024 (MT Newswires) -- GameStop ( GME ) shares were down nearly 17% in recent Friday premarket activity after the company posted fiscal Q1 preliminary results.

The company said it expects a fiscal Q1 net loss of $27 million to $37 million, compared with a net loss of $50.5 million a year earlier.

An analyst polled by Capital IQ expects a loss of $30.6 million.

Net sales for the quarter ended May 4 are expected to be $872 million to $892 million, compared with $1.24 billion a year earlier, the company said.

Two analysts surveyed by Capital IQ expect $1.05 billion.

Price: 22.97, Change: -4.70, Percent Change: -16.99