Video game retailer GameStop Corporation GME reported its second-quarter financial results after the market closed on Wednesday. Here are the key points.
What Happened: GameStop reported second-quarter net sales of $1.16 billion, up 2.5% from last year. The company’s net sales topped analysts’ consensus estimate of $1.14 billion, according to Benzinga Pro.
The company reported a second-quarter loss of 3 cents per share, beating analysts’ expectations of a loss of 14 cents per share.
GameStop reported $4.3 million in restructuring costs for its European operations in the second quarter.
The company ended the second quarter with $1.195 billion in cash and cash equivalents. GameStop has no long-term debt other than an unsecured term loan related to the COVID-19 pandemic.
What to do next: GameStop will not hold a conference call to discuss second-quarter financial results. The company also decided not to hold a conference call following the release of its first quarter financial results.
Titled “Dumb Money,” the movie will focus on the storyline between GameStop stock investors, hedge funds and short sellers, and will release on September 22. The film, produced by Sony Corporation (SONY), may once again draw attention to GameStop stock later this year. Year.
GME Price Action: Shares of GameStop rose 1% to $19.01 after Wednesday’s close, compared to a 52-week trading range of $15.41 to $34.98.
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Post time: Sep-07-2023