Video game retailer GameStop Corporation GME announced second-quarter financial results after market close Wednesday. Here are the key highlights.
What Happened: GameStop reported second-quarter net sales of $1.16 billion, which were up 2.5% year-over-year. The net sales from the company beat analysts’ consensus estimates of $1.14 billion, according to data from Benzinga Pro.
The company reported a loss of 3 cents per share for the second quarter, which came in ahead of an estimated loss of 14 cents per share from analysts.
GameStop reported $4.3 million in restructuring costs in the second quarter, related to its European operations.
The company ended the second quarter with $1.195 billion in cash and cash equivalents. GameStop had no long-term debt outside of one unsecured term loan related to the COVID-19 pandemic.
Related Link: GameStop Q2 Earnings Preview
What’s Next: GameStop will not be holding a conference call to discuss the second quarter financial results. The company also chose not to have a conference call after its first quarter financial results.
GameStop has seen several executive changes in 2023.
A movie called “Dumb Money” that will focus on the storyline of investors in GameStop stock versus hedge funds and short sellers will hit theaters on Sept. 22. The movie from Sony Group Corp SONY could see GameStop shares once again in the spotlight later this year.
GME Price Action: GameStop shares are up 1% to $19.01 in after-hours trading Wednesday, versus a 52-week trading range of $15.41 to $34.98.
Read Next: Meme King Ryan Cohen Gets Documentary Treatment With Stories Of Chewy, GameStop, Bed Bath & Beyond
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