GameStop stock fell 10% in overnight trading. GameStop said on Tuesday it had filed for an offering of up to 20 million shares after the videogame retailer's second-quarter revenue fell as consumers continued to switch to online buying.
The company, which has been at the center of a "meme stock" trading frenzy, is struggling with declining sales in its primary business of selling new and used video game discs due to a shift to digital downloads, game streaming, and e-commerce shopping.
GameStop reported revenue of $798.3 million for the quarter ended Aug. 3 compared with $1.16 billion a year earlier. Its net income stood at $14.8 million, or 4 cents per share, compared with a loss of $2.8 million, or 1 cent per share, a year earlier. This was helped by a 16% fall in the company's selling and administrative expenses in the quarter.
AMC stock fell 4.85% in overnight trading.
Trump Media stock fell 3.7% in overnight trading. U.S. Vice President Kamala Harris and former President Donald Trump took the stage on Tuesday night for their first and only scheduled presidential debate before the Nov. 5 election.