GameStop shares plunge even as meme stock booster ‘Roaring Kitty’ says company is on the right track

By MICHELLE CHAPMAN and ALEX VEIGA
AP Business Writers

The investor at the center of the pandemic meme stock craze says he still believes GameStop’s management team can turn the struggling video game retailer around. But remarks Friday from the man known on social media platforms as “Roaring Kitty” didn’t keep shares in the company from plunging about 40% — the latest evidence about the unpredictability of meme stocks. Keith Gill’s live stream on YouTube that drew more than 600,000 views followed the release of GameStop’s quarterly results. Those showed the company managed to narrow its losses in the first quarter, though its revenue fell as sales weakened for hardware and accessories, software and collectibles.