It’s time to sing a requiem for a meme. Meme stocks, that is. Companies that attracted rabid followings from traders on Reddit and other social media sites in 2021 are struggling. Just look at GameStop.
Shares of the video game retailer, which will report its latest results after the closing bell on Wednesday, have plunged nearly 35% this year after surging by more than 685% last year.
GameStop (GME) is expected to report a quarterly loss of $84 million and sales growth of just 4.5% from a year ago. The company
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