Published , by Ozzie Mejia
Published , by Ozzie Mejia
GameStop (GME) has reported in with its Q2 2022 earnings. There are a few stories to pick up from Wednesday's report, but one thing that stands out is that there's a lot of cash on hand. There's straight-up cash coming from GME and it's nearly $1 billion USD worth.
As noted on the GameStop Q2 2022 financial results, GameStop ended the period with cash and cash equivalents of $908.9 million USD. What's interesting to note here is that the company points out that it has no debt, other than "a low-interest, unsecured term loan associated with the French government’s response to COVID-19." There's a qualifier one doesn't see everyday.
While there isn't much to pick up from that unsecured term loan, the earnings report does note that GameStop managed to decrease its net cash outflow by 46 percent from Q1 2022. Overall, GameStop didn't quite hit Wall Street's expectations of a $1.27 billion quarter, but the company did hit $1.14 billion in revenue on the strength of hardware, software, and collectible sales.
The GameStop (GME) Q2 2022 earnings call is expected to begin at 2:00 p.m. PT / 5:00 p.m. ET. We'll report any further stories as they come up, so keep it on Shacknews for any updates.