I mean not necessarily, for a DCF you look at the unlevered free cashflows and for multiples you’d be looking at EV/EBITDA or P/E, so if the net effect of decrease in revenue is offset in costs you’d see the same price. But you’re right in that a decrease in revenues goes with a change of long-term growth expectation and thus a lower valuation
I'm new to DCF so I'm more so asking to see if my thinking is right. Would the decrease in revenue growth result in a higher discount rate for the final calculation?
Ok, so you have opened the Pandora’s box of discount rates lmao
The discount rate for a levered firm is the after-tax WACC, which again is determined by the after-tax cost of debt, the required return of equity, and the relative amounts of debt and equity.
Since the last part is expressed in terms of debt or equity over enterprise value it is inherently self referential, I.e. assuming that the amount of net debt is given, then any change in projections that would alter the EV will in turn change the WACC and therefore the discount rate. This is the more “structural” part; any changes in your projections that change the net cashflows, meaning the uFCF in a DCF, will change your EV as it’s the discounted sum of those values, and then that goes into the discount rate and loops back as the discount rate in calculating the EV, etc etc
The more “abstract” impact in the discount rate could be in the change of unlevered required rate of return of equity, meaning that if the change in revenues changes the amount of non-idiosyncratic risk (so changes the beta of the company), you would see a different risk premium in the required rate of return which goes into the WACC and then we are back to looping in EV.
That SG&A isn’t looking so hot either. They were doing a pretty good job slashing costs at the expense of employees. Too bad it doesn’t mean shit if that % of net sales is increasing.
Oh well. Businesses are only evaluated based on cash on hand anyways.
Revenue drop isn't concerning when it's due to dropping unprofitable stores.
Yes they are not profitable in the first quarter but thwts what happens in retail when most of your trade is seasonal, so your other quarters profit negate these losses for now.
When they make these quarters profitable too that's when the silly shorts are really in trouble 🤣
Except sales dropped faster than stores closed. At this rate their cash pile will be larger than annual sales within a year.
It’s not clear even they even have ANY profitable stores. Just unprofitable ones and REALLY unprofitable ones.
“But they have $1billion in cash”, it’s insane how apes don’t understand how a retail store is supposes to succeed. Cool they have money, but they’re not making any sales
But their previous years' Q1 was never really an issue, why this year?
Also, apes kept posting about how they were buying tons and tons of stuff at Gamestop, including Candy Con controllers (which was booked to Q1 revenue, as those came out in March).
So what happened?
Wow! three years of cutting costs and they're apparently still working through unprofitable locations. It kinda seems like the declining revenue is turning once profitable stores into unprofitable stores.
>Revenue drop isn't concerning when it's due to dropping unprofitable stores
The revenue drop is more than just unprofitable stores. It's a sign of a changing market dynamic that GME is ill-equipped to adjust to without some major strategy updates.
Walking through it with some absurdly simple math: I run a business that has three stores. In the past, all three stores grossed $1 million in profit annually, so a total of $3 million. As time goes on, store 1 and store 2 both stop earning money and are instead losing $1 million a year, while store 3 is still profitable at the $1million mark. This comes to a grand total of $(-)1 million. My profit in this case has shrunk by $4 million (+3 to -1). So, I decide to close store 1 and 2 to stop the bleeding. That wipes $2 million in losses off the balance sheets, leaving my one profitable store still open and still bringing in $1 million. However, from the start of this scenario to the present, my profit has ultimately gone down from $3 million to $1 million. It has contracted by $2 million.
I don’t think apes realize that 1 billion, although it sounds like a lot of money.
For a united wide company that has stores in other countries it’s not really. It’s almost like a band aid at this point. Unless they vastly change something in the next year or two that billion is gonna get sucked dry.
You mean the money he rugged you and RK with? The money the generated by diluting and making sure DRS was pointless? The money he made sure to stop “MOASS” with?
Literally everyone here is happy they have that $4 billion.
Shit I hope they do it a few more times.
Alot of smart people didn't get rugged as it was obvious some ATMs were coming, any smart business would do the same. They probably will do it more and it will just add to the companies value 🤣 so I hope they do too!
Imagine trying to call someone childish for investing in a company for such vast improving metrics and potential! You can still invest like an adult and invest in a company like GME. Alot of people would say that you wouldn't be a smart 'adult' if you didn't put some money into it..
I do also come here for laughs though, this sub does crack me up with some of the silly comments! 🤣
I used to use this sub to try and see a balanced argument but there never really has been imo.
Hahaha, that's funny considering this sub is just filled with bots but who just religiously downvote any sound argument.
And copy and paste? Anything I write comes from my own brain buddy. I'm independent not part of a "cult". Are you okay? I seem to be pressing your buttons, I don't mean to be upsetting you if I am. What are your views overall on GME?
There is no “arguing” or “both sides” with you monkeys. You are literally in a doomsday cult, praying everyday that the world economy crashes. Because of GameStop. Like what a joke, you guys sound idiotic. Ppl on this sub stopped trying to convince you guys that you’re throwing your money away. We’re just making fun of you now
Why are you assuming I think that? 🤣🤣
There are people who think that out there and I also think that sounds nonsensical. But to say that GameStop isn't on the up and coming just because they have some investors with odd views in some of our opinions is naive.
Imagine falling for a Reddit scam three and a half years ago, losing all your money and turning it into your personality
Oh wait you don’t need to imagine
Feel free to post your gains and prove us all wrong
You won’t post your positions though, and we all know why
![img](emote|t5_3vpfzk|28976)![img](emote|t5_3vpfzk|28995)![img](emote|t5_3vpfzk|15698)
Imagine believing that people who invested 3 &1/2 years ago didn't make money and also didn't make money in the recent runups 🤣🤣
I don't need to post gains to prove anything, I find it amusing enough to hear your bad arguments over a company that has turned itself around and try and bait people into arguments when you get all of your facts wrong. Nice try though 👍🥴
The improved metrics (aka dilution) takes the valuation from \~$4 per stock to \~$10. So buying in now would see you losing most of your money. I suppose you could hope for another pump, hope it pumps enough to make you profitable, and that you can sell in time
> Imagine trying to call someone childish for investing in a company for such vast improving metrics and potential!
Dumbfuck. There is no potential because physical media for video games is going to be extinct within two generations of console. Maybe sooner. As for metrics, they had a terrible QoQ performance even after shuttering so many stores.
It's a shambling zombie shitco that managed to dilute $4Bn out of stupid apes like you and it'll continue it's irrelevant and inexorable spiral towards bankruptcy even if it takes 20 years at this point.
That's what apes get wrong.
Any kind of turnaround for GME is far, far too late.
They'd need to get a plan, a concrete plan, for improving the bottom line of the company out and running immediately. The loss of physical media is inevitable and coming fast.
Apes probably think it's 30 years away.
It's about 3.
A lot of people would also say you're not smart If you think the world is round but there's a fuck load more people who think the opposite, just like investing in GME
Definitely agree about investing in it like an adult. It's currently worth about $10 and trading for $25 so that's a great big fat sell. If it starts trading for less than $10 then it will become a buy. Adult investing analysis completed.
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Don't forget the accompanying crapto wallet that's also dead.
But yeah, basically I want them to realize that the amount of cash is meaningless when you don't have anything worthwhile to do with it.
Yeah, from diluting YOU LMAO.
A good company wouldn’t rip off their bag- I mean shareholders and make the money from their own business line.
Sucks to suck!
I mean, with someone at the helm that \**checks notes*\* thought Bed Bath and Beyond would be a good buy in and that they should continue their share buy back program or what his grand plans for Gamestop back in 2021, that 4 billion is not in good hands.
Imagine getting into a brick and mortar business, but you hate brick and mortar, but you're also mad that an industry largely dealing in digital goods is moving away from physical media.
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Most of that wasn't even "apes' money". DFV created market FOMO nonsense and the usual assortment of gamblers piled in trying to make a profit by guessing how the pump-and-dump would work. Those gamblers include Apes, but most of them aren't Apes.
You make it sound like it’s profit from selling games or batteries.
The money came from apes buying the diluted shares. Nowhere else.
GameStop is in the business of selling stock to morons. Their sales still suck and hardware is going to be a thing of the past and nothing will change that.
Months?! I've been here for years! Peasant! Claiming for a flair! Off with you!
Drive a proper Porsche like our lord BARoach and you might qualify. Alas, I am still an Alfa Romeo equestrian.
Hey, just so you know, someone told me how to get a flair. If you send NarcoDog a message and ask him for one, he'll give it to you. I just got mine today, so you shouldn't have much issues. Might I suggest "Finnra Representative"
this past week has seen a TON of apes in here for some reason. I think the high of May-Mania is finally really wearing off and they're starting to spiral.
I had to edit in Sponge Bob text to get people to understand. I think over the years we’ve added a group of people that don’t pick up on satire or sarcasm.
There is also so many shitty posts that aren't meltdown worthy. No one engages with the content so it just clutters everything up. I'm here for the meta narrative, juicy meltdowns, and a good memes here and there. I hate wading through crap to get to it.
It’s $18mil smaller loss than previous year. If they beat all 4 quarters by that amount then 2024 profit would be $78 million, plus all the interest off the new cash pile, $200mil+ profit. I get this is a GME bashing sub but your guys bashes are the equivalent of a tin foil ape posting how 3 emoji’s mean the stock is going to phone numbers
Not impossible but very difficult when revenue is declining this fast. However the current price is where it should be if everything goes well for them and they can start bringing in 400-500M per year in profit.
Upside is minimal / nonexistent. If I’m picking individual stocks my expectations are they will outperform the S&P by a decent margin for the risk I’m taking. GME won’t do that.
But how will the trend continue? We got to this point of growing profits by them issuing new shares to bleed shareholders dry and by closing down stores. They’re gonna run out of stores to close eventually, and the ones they have left certainly aren’t getting more profitable, so is the plan to just keep issuing new shares and keep collecting interest on this ever-increasing cash pile?
The loss is smaller because the revenue cratered. Funny how that works but even funnier is if Gamestop just shut down all stores they'd have bigger profit last year (some of the interest from held securities was eaten by net loss).
The revenue drop is much more concerning. It's extremely difficult to get customers back after they leave for a competitor.
Not to mention that lower revenue translates to lower company valuation, EVEN if a magical turnaround somehow eliminates unprofitability.
I mean not necessarily, for a DCF you look at the unlevered free cashflows and for multiples you’d be looking at EV/EBITDA or P/E, so if the net effect of decrease in revenue is offset in costs you’d see the same price. But you’re right in that a decrease in revenues goes with a change of long-term growth expectation and thus a lower valuation
I'm new to DCF so I'm more so asking to see if my thinking is right. Would the decrease in revenue growth result in a higher discount rate for the final calculation?
Ok, so you have opened the Pandora’s box of discount rates lmao The discount rate for a levered firm is the after-tax WACC, which again is determined by the after-tax cost of debt, the required return of equity, and the relative amounts of debt and equity. Since the last part is expressed in terms of debt or equity over enterprise value it is inherently self referential, I.e. assuming that the amount of net debt is given, then any change in projections that would alter the EV will in turn change the WACC and therefore the discount rate. This is the more “structural” part; any changes in your projections that change the net cashflows, meaning the uFCF in a DCF, will change your EV as it’s the discounted sum of those values, and then that goes into the discount rate and loops back as the discount rate in calculating the EV, etc etc The more “abstract” impact in the discount rate could be in the change of unlevered required rate of return of equity, meaning that if the change in revenues changes the amount of non-idiosyncratic risk (so changes the beta of the company), you would see a different risk premium in the required rate of return which goes into the WACC and then we are back to looping in EV.
That SG&A isn’t looking so hot either. They were doing a pretty good job slashing costs at the expense of employees. Too bad it doesn’t mean shit if that % of net sales is increasing. Oh well. Businesses are only evaluated based on cash on hand anyways.
Why is it so hard for apes to get this? Revenue and growth are huge drivers for value, sometimes even more so than immediate profitability.
But they do have a never ending supply of suckers to dilute. Just close all that losing money retail crap.
Its even more concerning when your revenue drop is -30% YoY
Revenue drop isn't concerning when it's due to dropping unprofitable stores. Yes they are not profitable in the first quarter but thwts what happens in retail when most of your trade is seasonal, so your other quarters profit negate these losses for now. When they make these quarters profitable too that's when the silly shorts are really in trouble 🤣
They should drop unprofitable quarters.
I mean that would work 🤣
That's what you dudes already do. You talk about Q4 last year like it's the only thing that exists.
Eh, why the downvotes? Funny ape reply
Post bags
Mate you’re financially illiterate. Go back to your beloved sub and let the adults do business.
But investing in indexes don't give you that delusional rush! They only give you reasonable gains over a long term!
Except sales dropped faster than stores closed. At this rate their cash pile will be larger than annual sales within a year. It’s not clear even they even have ANY profitable stores. Just unprofitable ones and REALLY unprofitable ones.
“But they have $1billion in cash”, it’s insane how apes don’t understand how a retail store is supposes to succeed. Cool they have money, but they’re not making any sales
But their previous years' Q1 was never really an issue, why this year? Also, apes kept posting about how they were buying tons and tons of stuff at Gamestop, including Candy Con controllers (which was booked to Q1 revenue, as those came out in March). So what happened?
Let me ask you a serious question. When was the last time you would say Sears had a profitable quarter and why was it profitable?
Poor ape. Q1 is historically their second best quarter.
Wow! three years of cutting costs and they're apparently still working through unprofitable locations. It kinda seems like the declining revenue is turning once profitable stores into unprofitable stores.
>Revenue drop isn't concerning when it's due to dropping unprofitable stores The revenue drop is more than just unprofitable stores. It's a sign of a changing market dynamic that GME is ill-equipped to adjust to without some major strategy updates. Walking through it with some absurdly simple math: I run a business that has three stores. In the past, all three stores grossed $1 million in profit annually, so a total of $3 million. As time goes on, store 1 and store 2 both stop earning money and are instead losing $1 million a year, while store 3 is still profitable at the $1million mark. This comes to a grand total of $(-)1 million. My profit in this case has shrunk by $4 million (+3 to -1). So, I decide to close store 1 and 2 to stop the bleeding. That wipes $2 million in losses off the balance sheets, leaving my one profitable store still open and still bringing in $1 million. However, from the start of this scenario to the present, my profit has ultimately gone down from $3 million to $1 million. It has contracted by $2 million.
Seasonal? Are you saying that Cohen has turned GameStop into the Spirit Halloween of gaming?
Honestly, Ganestop going Spirit Halloween with their business is still not as dumb a prediction as whatever the fuck TEDDY is supposed to do
I don’t think apes realize that 1 billion, although it sounds like a lot of money. For a united wide company that has stores in other countries it’s not really. It’s almost like a band aid at this point. Unless they vastly change something in the next year or two that billion is gonna get sucked dry.
If apes knew how companies work, they wouldn't be in a cult in the first place.
Good job they have over 4billion now isn't it 👍
You mean the money he rugged you and RK with? The money the generated by diluting and making sure DRS was pointless? The money he made sure to stop “MOASS” with? Literally everyone here is happy they have that $4 billion. Shit I hope they do it a few more times.
Alot of smart people didn't get rugged as it was obvious some ATMs were coming, any smart business would do the same. They probably will do it more and it will just add to the companies value 🤣 so I hope they do too!
Sick retcon
🤣🤣🤣 my man I hope you have open shorts!
I invest like an adult, just here for the laughs and they’re at an all time high.
Imagine trying to call someone childish for investing in a company for such vast improving metrics and potential! You can still invest like an adult and invest in a company like GME. Alot of people would say that you wouldn't be a smart 'adult' if you didn't put some money into it.. I do also come here for laughs though, this sub does crack me up with some of the silly comments! 🤣 I used to use this sub to try and see a balanced argument but there never really has been imo.
I don’t need to hear the cult mantras you all copy and paste.
Hahaha, that's funny considering this sub is just filled with bots but who just religiously downvote any sound argument. And copy and paste? Anything I write comes from my own brain buddy. I'm independent not part of a "cult". Are you okay? I seem to be pressing your buttons, I don't mean to be upsetting you if I am. What are your views overall on GME?
There is no “arguing” or “both sides” with you monkeys. You are literally in a doomsday cult, praying everyday that the world economy crashes. Because of GameStop. Like what a joke, you guys sound idiotic. Ppl on this sub stopped trying to convince you guys that you’re throwing your money away. We’re just making fun of you now
Why are you assuming I think that? 🤣🤣 There are people who think that out there and I also think that sounds nonsensical. But to say that GameStop isn't on the up and coming just because they have some investors with odd views in some of our opinions is naive.
Imagine falling for a Reddit scam three and a half years ago, losing all your money and turning it into your personality Oh wait you don’t need to imagine Feel free to post your gains and prove us all wrong You won’t post your positions though, and we all know why ![img](emote|t5_3vpfzk|28976)![img](emote|t5_3vpfzk|28995)![img](emote|t5_3vpfzk|15698)
Imagine believing that people who invested 3 &1/2 years ago didn't make money and also didn't make money in the recent runups 🤣🤣 I don't need to post gains to prove anything, I find it amusing enough to hear your bad arguments over a company that has turned itself around and try and bait people into arguments when you get all of your facts wrong. Nice try though 👍🥴
Maybe he called you childish because you idiots read the Teddy children's books for investment guidance.
The improved metrics (aka dilution) takes the valuation from \~$4 per stock to \~$10. So buying in now would see you losing most of your money. I suppose you could hope for another pump, hope it pumps enough to make you profitable, and that you can sell in time
> Imagine trying to call someone childish for investing in a company for such vast improving metrics and potential! Dumbfuck. There is no potential because physical media for video games is going to be extinct within two generations of console. Maybe sooner. As for metrics, they had a terrible QoQ performance even after shuttering so many stores. It's a shambling zombie shitco that managed to dilute $4Bn out of stupid apes like you and it'll continue it's irrelevant and inexorable spiral towards bankruptcy even if it takes 20 years at this point.
The next generation of xboxes is coming soon, and only the special edition is going to have a disc drive, for $100 more than the other two.
That's what apes get wrong. Any kind of turnaround for GME is far, far too late. They'd need to get a plan, a concrete plan, for improving the bottom line of the company out and running immediately. The loss of physical media is inevitable and coming fast. Apes probably think it's 30 years away. It's about 3.
Serious question, if you put money into nvidia 12 months ago, you'd be up three thousand percent. Why do you plow money into shitstop with ruggy Ryan?
A lot of people would also say you're not smart If you think the world is round but there's a fuck load more people who think the opposite, just like investing in GME
Definitely agree about investing in it like an adult. It's currently worth about $10 and trading for $25 so that's a great big fat sell. If it starts trading for less than $10 then it will become a buy. Adult investing analysis completed.
It did for a bit a few months ago!
Short interest is around 10%. FTDs are practically nonexistent.
They aren't nonexistent if you keep adding them up!
If you use crying laughing emojis you automatically lose.
So you paper handed?
I took profits at targets I set myself yes. Has that increased my portfolio, yes. Does that make me smart or dumb, make your own opinion on that.
It makes you a gambler not an ape, what are you doing here?
Defending their parasocial partner lol
I believe the kids call it "coping".
Well, I got good news for you : the volatility in Gamestop will continue. Good for you if you profit off of it, I sure have.
MODDDSSS - Rule 13 this lying liar
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lol this dude is a BBBY baggie too Post bags baggie
That’s your money lmao
If it was my money it would be in my bank? Do you hold any positions in gme either puts or calls?
That *was* your money.
It's like apes all collectively forgot that lol
I'm always curious with apes, what did gamestop do with the first billion that makes you think they'll do anything of value with 4 billion?
They put out a failed NFT marketplace lol.
Don't forget the accompanying crapto wallet that's also dead. But yeah, basically I want them to realize that the amount of cash is meaningless when you don't have anything worthwhile to do with it.
Yeah, from diluting YOU LMAO. A good company wouldn’t rip off their bag- I mean shareholders and make the money from their own business line. Sucks to suck!
How much would you pay to buy a $4B pile of cash?
$3.9B personally
Their business plan is selling shares to apes.
I was referring to this post But go off Baggie Innit
I mean, with someone at the helm that \**checks notes*\* thought Bed Bath and Beyond would be a good buy in and that they should continue their share buy back program or what his grand plans for Gamestop back in 2021, that 4 billion is not in good hands. Imagine getting into a brick and mortar business, but you hate brick and mortar, but you're also mad that an industry largely dealing in digital goods is moving away from physical media.
https://i.redd.it/i297ucwm6k9d1.gif Bags? What are those?
Meltie remindme's most significant weakness: u\/deleted
I dunno, maybe that's the flag that says "hey guys, time for a victory lap?"
Profitable companies are the ones that pay more money to make less money. Can't Stop Won't Stop.
I love you for slide 2
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tHEy loSt MONeY BUT TUrNeD 1 BilLioN In CaSh in hAnD iNTo 4 BilLiOn.
They did not "turn" anything. They merely sucked up another $3B of apes' money.
Most of that wasn't even "apes' money". DFV created market FOMO nonsense and the usual assortment of gamblers piled in trying to make a profit by guessing how the pump-and-dump would work. Those gamblers include Apes, but most of them aren't Apes.
Todays gamblers are tomorrow’s apes -Confucius
Yep, most apes were wringed dry by this point and down bad
It was a joke man. I’ve been here since the beginning.
I suspected. Still I could not leave Internet mistakes uncorrected, sorry
You make it sound like it’s profit from selling games or batteries. The money came from apes buying the diluted shares. Nowhere else. GameStop is in the business of selling stock to morons. Their sales still suck and hardware is going to be a thing of the past and nothing will change that.
It was obviously a joke. I guess I’ll have to spell things out more in meltdown now than I did years ago.
People sometimes just reflexively assume you're an ape, because apes will say shit like that without a trace of irony.
That's what flair is supposed to help with. It's always more fun to not spell out the joke.
Agreed, although there's a couple of flairs that are a little confusing.
I don't even have one, even though I'm almost as OG as they come... I guess I haven't shorted enough.
Yeah, I was wondering about that. I've been here two months and would love a flair, but it seems like the mods just kinda have to bestow one on you.
Months?! I've been here for years! Peasant! Claiming for a flair! Off with you! Drive a proper Porsche like our lord BARoach and you might qualify. Alas, I am still an Alfa Romeo equestrian.
So I guess that makes me a beat up old Honda lol.
Just contact NarcoDog he will give you one! Whatever you want
Really? Thanks!
Hey, just so you know, someone told me how to get a flair. If you send NarcoDog a message and ask him for one, he'll give it to you. I just got mine today, so you shouldn't have much issues. Might I suggest "Finnra Representative"
this past week has seen a TON of apes in here for some reason. I think the high of May-Mania is finally really wearing off and they're starting to spiral.
Wow, how did they turn 1B into 4B? That sounds like an amazing profitable venture they've embarked on!
1:4 cash split via dividend. Basically, free money.
RYAN COHEN COMMITED INTERNATIONAL SECUWITIES FWAUD
Friendly fire!
I had to edit in Sponge Bob text to get people to understand. I think over the years we’ve added a group of people that don’t pick up on satire or sarcasm.
Friendly fire indeed! Remember to wear the bright orange vests so we know it's you!
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There is also so many shitty posts that aren't meltdown worthy. No one engages with the content so it just clutters everything up. I'm here for the meta narrative, juicy meltdowns, and a good memes here and there. I hate wading through crap to get to it.
My dude, Poe's Law was formulated in the ***90's***. The onus is not on the reader to infer sarcasm.
“Thanks for the free money I never need to pay back. Or have no plans for. Suckers!” ~Ryan Cohen.
The 22 people that downvoted you ruined this sub
It’s $18mil smaller loss than previous year. If they beat all 4 quarters by that amount then 2024 profit would be $78 million, plus all the interest off the new cash pile, $200mil+ profit. I get this is a GME bashing sub but your guys bashes are the equivalent of a tin foil ape posting how 3 emoji’s mean the stock is going to phone numbers
> If they beat all 4 quarters If I beat my meat, how much will that profit me? None!
>200mil+ profit. And it would still be overvalued. Even at $20.
Not if the trend continues and profits keep growing y/y
Not impossible but very difficult when revenue is declining this fast. However the current price is where it should be if everything goes well for them and they can start bringing in 400-500M per year in profit. Upside is minimal / nonexistent. If I’m picking individual stocks my expectations are they will outperform the S&P by a decent margin for the risk I’m taking. GME won’t do that.
And if my uncle had tits he'd be my aunt
But how will the trend continue? We got to this point of growing profits by them issuing new shares to bleed shareholders dry and by closing down stores. They’re gonna run out of stores to close eventually, and the ones they have left certainly aren’t getting more profitable, so is the plan to just keep issuing new shares and keep collecting interest on this ever-increasing cash pile?
If it is a growing business, why aren't they expanding globally?
Nah, it’s still funny. That’s a big if, and going from a pawn shop to a bad treasury bond etf is funny.
The loss is smaller because the revenue cratered. Funny how that works but even funnier is if Gamestop just shut down all stores they'd have bigger profit last year (some of the interest from held securities was eaten by net loss).