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GameStop’s (GME) second-quarter revenue fell short of Wall Street’s expectations, declining by 31% year-over-year to $798 million. Despite this drop, the video game retailer reported a surprise profit of $14.8 million, or 4 cents per share, reversing the previous quarter’s loss of $2.8 million, or 1 cent per share. Analysts had anticipated a deeper loss for the company.
Ahead of the earnings announcement, GameStop’s shares fell over 3% and experienced a slight decline of just under 1% post-results. However, the stock has gained more than 30% in 2024, partially fueled by fluctuations driven by the meme stock influencer known as “Roaring Kitty.”
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GameStop did not provide guidance or hold an earnings call following the announcement.
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