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GameStop (GME) reported its second quarter results after the market close on Tuesday. Net income was $14.8 million, with earnings per share of $0.04 and adjusted earnings per share of $0.01. During the same period last year, GameStop posted a loss of $2.8 million.
Net revenues fell from a year ago, $798 million versus $1.164 billion in 2023.
The retailer also revealed that it has $4.2 billion worth of cash, cash equivalents, and marketable securities.
Market Domination Overtime anchors Julie Hyman and Josh Lipton break down the meme stock's results.
For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.
This post was written by Stephanie Mikulich.
Taking a look now at GameStop shares, the company's second quarter results hitting the wire. The shares up a little bit, just about a third of 1%. Uh, the company's net sales did fall 31% year over year to $798 million, but it did also report a gain, a net income, $14.8 million for its second quarter. That compares to a net loss of $2.8 million for the prior year's second quarter. Now, I could tell you that the company beat or missed estimates, but there are so few analysts that even cover the company. I mean, we're showing the estimates. I don't know how much weight to even give them because there aren't that many companies, many analysts who covered the stock at this point. So it's tough to even, you know, apply the same paradigm that we do to most other companies.
Is. Yeah.
Heading support stock was up about 40% this year. Of course, remember earlier this year we covered that roaring kitty.
Sure.
Sure. Uh, Keith Gill gave us and came in, gave the stock a lift. Um, there are very few analysts though covering this name. One is though, Michael Pachter of Wedbush. We both know Mr. Pachter very well. Not a fan, Julie. Um, argues that the company faces, here's words, a near insurmountable barrier to its plan return to growth. That is what Pachter told his clients, including he says the ongoing shift of game sales from physical to digital among other reasons.
Yeah, remember Ryan Cohen is now the CEO of the company. He has been, he owns um, just under 9% of the shares in GameStop and is joined by a lot of those meme stock folks. He does not tend to talk on the conference calls, they don't, or they don't tend to take questions, I should say. Traditionally, you have a very short conference call, if anything, um, and there is not a Q&A period. So presumably it'll be the same kind of situation today. So it's difficult to get more color.
Well, he's welcome on this show anytime. Anytime. That's a formal invitation. That is.
Ryan Cohen?
Come on down.
