Meme stocks are incredibly volatile on Friday as investors react to the latest earnings report from GameStop (NYSE:GME).
GameStop failed to impress investors with its first-quarter earnings report. That’s due to its revenue of $881.8 million. This is worse than the $900 million to $1.09 billion that the two analysts covering the company were expecting.
Also not helping matters is GameStop posting a loss of $32.3 million during the quarter. However, it is better than its loss of $50.5 million from the same period of the year prior.
Considering GameStop’s status as a leader of meme stocks, it makes sense this news would cause volatility among them. Let’s get into that more below!
Meme Stocks on the Move Today
- GME stock starts us off with a 22.2% drop on Friday morning.
- Next is AMC Entertainment (NYSE:AMC) stock, with a 4% decrease as of this writing.
- Koss (NASDAQ:KOSS) stock joins in on the meme stock volatility with an 11.5% fall today.
- BlackBerry (NYSE:BB) stock is last on our list, with a 1% slip this morning.
GME seeing the biggest drop among the meme stocks makes sense. It was its earnings report that kicked off today’s volatility. It also tracks that GameStop stock falling would pull down other meme stocks. However, it is worth noting that some were up earlier this morning.
Investors on the lookout for all of the latest stock market stories are in luck!
We have all of the hottest stock market news that traders need to know about on Friday! Among that is additional news on meme stocks and other happenings today. You can catch up on all of that by checking out the links below!
More Friday Stock Market News
- AMC Stock Whipsaws on Roaring Kitty Livestream, Weak GameStop Results
- GME Stock Alert: GameStop Posts Sales Drop as Foot Traffic Weakens
- Why Is Virax Biolabs (VRAX) Stock Down 15% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
