Meme stocks extended their losses on Friday, witnessing a sharp reversal after trading in the green in early premarket hours.
The declines were most pronounced in GameStop (NYSE:GME), which saw its stock price tumble after reporting preliminary results for the fiscal first quarter.
The video game retailer said it expects Q1 net sales to range between $872 million and $892 million, notably below consensus estimates of $1.05 billion, and down from $1.237 billion in the year-ago period.
Simultaneously, the company also said it may sell up to $45 million worth of Class A shares.
GME shares tumbled 22% in premarket trade.
Meanwhile, AMC shares dipped around 4%, extending its 15% slump from a day earlier.