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GameStop reports 14% rise in quarterly revenue, unveils $2 billion share buyback
Strong collectibles demand lifted revenue and profit as GameStop beat estimates and extended its buyback plan through 2029.
- On Tuesday, GameStop reported a 14% revenue increase to $835.3 million for the first quarter, buoyed by strong collectibles demand.
- The company shifted focus from traditional hardware sales toward trading cards and collectibles as gamers increasingly move toward digital downloads.
- GameStop reported quarterly earnings of 30 cents per share, beating the 16-cent consensus by 87.5%, while achieving its highest first-quarter operating income of $143.3 million.
- Following the results, the board approved a new $2 billion share repurchase program running through June 2, 2029, as shares climbed 7.36% in extended trading.
- CEO Ryan Cohen increased his stake in EBay to about 6.6% as he remains committed to acquiring the company after it rejected an unsolicited $56 billion offer last month.
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17 Articles
17 Articles
GameStop Jumps 10% on Record Profit, $2 Billion Buyback as eBay Bid Battle Intensifies
Shares of GameStop (NYSE:GME | GME Price Prediction) are up 10% to $23 on Wednesday morning, snapping back from a brutal stretch after the video game retailer posted its highest quarterly net income on record and approved a fresh $2 billion buyback. The pop comes after Tuesday’s $20.92 close and an after-hours surge that extended ... GameStop Jumps 10% on Record Profit, $2 Billion Buyback as eBay Bid Battle Intensifies
·New York, United States
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Coverage Details
Total News Sources17
Leaning Left2Leaning Right0Center7Last UpdatedBias Distribution78% Center
Bias Distribution
- 78% of the sources are Center
78% Center
L 22%
C 78%
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