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Key Points
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GameStop unexpectedly posted a profit in the second quarter, but revenue fell 31%, missing expectations.
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The eye-catching meme stock struggled on Tuesday ahead of its earnings release, but its share price is still significantly higher this year.
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GameStop has not provided an outlook or scheduled an earnings report.
from GameStop (GME) Second-quarter revenue fell year-over-year and missed Wall Street expectations, but the video game retailer still managed to post a surprise profit.
Revenue in the latest year was $798 million, down 31% year-over-year and below the Visible Alpha analyst consensus. Net income rose to $14.8 million, 4 cents a share, compared with a loss of $2.8 million, or 1 cent a share, in the previous quarter. Analysts had expected the company’s loss to widen year-over-year.
Shares of GameStop fell more than 3% ahead of Tuesday’s results and are down just under 1% after the bell. The stock has risen more than 30% in 2024, partly due to spikes in its share price earlier this year driven by posts from the meme stock influencer known as “Roaring Kitty.”
GameStop said there would be no earnings conference call and the company did not provide a forecast.
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