GameStop Corp GME shares are volatile Thursday morning. The stock initially surged late Wednesday on second-quarter earnings before pulling back. Here's what you need to know.
What Happened: GameStop said second-quarter sales climbed 2.5% year-over-year to $1.16 billion, which beat the consensus estimate of $1.14 billion, according to Benzinga Pro. The video game retailer reported a quarterly loss of 3 cents per share, which beat estimates for a loss of 14 cents per share.
GameStop noted that it has $4.3 million in transition costs related to restructuring efforts in Europe. The company ended the quarter with $1.195 billion in cash, equivalents and marketable securities and noted that long-term debt remains limited to one low-interest loan associated with the French government's response to COVID-19.
GameStop did not hold a conference call to discuss its quarterly results, which has become routine for the company since Ryan Cohen came on board. Last quarter, GameStop announced an abrupt termination of then CEO Matt Furlong. The company still hasn't appointed a new CEO and Cohen appears to be running things behind the scenes.
See Also: GameStop Q2 Earnings Highlights: Revenue Beat, EPS Beat, No Conference Call
GME Price Action: GameStop shares are down approximately 27% over a one-year period, but are up about 1.5% year-to-date.
The stock was down 1.92% at $18.40 at the time of publication, according to Benzinga Pro.
Photo: JJBers from Flickr.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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