What Happened: GameStop’s revenue saw a decline from $1.16 billion in the same quarter last year. Despite the revenue miss, the company posted a profit of $0.1 per share, surpassing the expected loss of $0.9 per share.

At the time of writing, GameStop was trading at $20.85 while it closed at $23.45 on Tuesday, as per Benzinga Pro.

All three of GameStop’s business segments experienced year-over-year declines. Hardware and Accessories net sales were $451.2 million, down from $597.0 million. Software sales dropped to $207.7 million from $397.0 million, and Collectibles fell to $139.4 million from $169.8 million.

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GameStop concluded the second quarter with $4.2 billion in cash, cash equivalents, and marketable securities. The company also announced it would not be holding a conference call to discuss the results.

In July, a class-action lawsuit against Gill was voluntarily dismissed, which alleged that he manipulated GameStop's stock price. This dismissal came after Gill disclosed a significant passive stake in Chewy Inc.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari