GameStop Corp (NYSE:GME) shares stumbled again as the memestock was hit by a douse of reality in the form of its first quarter results.
Shares in the video game retailer stormed 271% higher on Monday and Tuesday following the return of Roaring Kitty, the online financial analyst famed for his involvement in the first round of the Gamestop saga.
However, they crashed 57% in the following two days and Friday's results have helped this trend continue.
Sales in the first quarter dipped to between US$872 million and US$892 million, representing a sharp decline compared to last year's US$1.2 billion.
Giacomo Pierantoni, head of data at Vanda Research, said: “It appears to me that the mini bubble is collapsing.”
Shares opened on Friday at US$20.33, down 26% today.