GameStop Stock Pops On Q1 Results: Highest Quarterly Net Income Ever

Benzinga06-03 05:12

GameStop Corp. (NYSE:GME) posted its first-quarter results after Tuesday’s closing bell, beating estimates and highlighting record quarterly net income.

Here's a look at the details inside the report.

GME stock is moving. Watch the price action here.

GameStop Q1 Details

GameStop reported quarterly earnings of 30 cents per share, which beat the consensus estimate of 16 cents by 87.5%, according to Benzinga Pro data.

Quarterly revenue came in at $835.3 million, which beat the Street estimate of $766.64 million and was up from $732.4 million in the prior year’s quarter.

The board of directors approved a $2 billion share repurchase authorization through June 2, 2029, replacing the prior authorization from March 2019.

GameStop highlighted the following quarterly metrics:

Highest quarterly net income in GameStop’s history of $389.6 million.
Highest first quarter operating income in GameStop’s history of $143.3 million.
Net sales grew 14% year-over-year, driven by collectibles.
Cash, marketable securities, digital assets and related receivables, and collateral pledged for derivative assets of $9.7 billion.

GME Stock Price Activity: According to data from Benzinga Pro, GameStop stock climbed 7.36% to $22.46 in Tuesday's extended trading.

Photo: Shutterstock

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