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GameStop Reports Q2 Earnings: First Q2 Profit in Seven Years, EPS Beats, Revenue Misses
Sep 10, 2024, 08:07 PM
GameStop (GME) reported its Q2 2024 earnings after the market closed on September 10, 2024. The company posted an earnings per share (EPS) of $0.04, surpassing the estimated -$0.01. However, net sales fell to $798.3 million, missing the analysts' forecast of $895.67 million and marking a 31% decline year-over-year. Despite the revenue miss, GameStop achieved a net income of $14.8 million, a significant improvement from a $2.8 million loss in the same quarter last year. The company also reported gross profit of $248.8 million and operating income of -$22 million. Segment-wise, hardware and accessories sales were $451.2 million, software sales were $207.7 million, and collectibles sales were not specified. SG&A expenses amounted to $270.8 million. The quarter saw an implied move of 16%. GameStop reported cash, cash equivalents, and marketable securities totaling $4.204 billion at quarter-end. This quarter marks the first time in seven years that GameStop has been profitable in Q2.
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