Published , by Ozzie Mejia
Published , by Ozzie Mejia
GameStop (GME) issued its earnings report for Q4 2023. The company missed on its quarterly earnings expectations, but there were also several other takeaways from Tuesday's report. One particular item from GameStop's latest SEC filing is that the company still has a significant amount of money allocated for stock buybacks, something that may be worth monitoring.
The following comes from the GameStop SEC Filing issued on Tuesday, March 26, 2024:
On March 4, 2019, our Board of Directors approved a share repurchase authorization allowing us to repurchase up to $300.0 million of our Class A Common Stock. The authorization has no expiration date.
We did not repurchase shares during fiscal 2023, fiscal 2022 or fiscal 2021. As of February 3, 2024, we have $101.3 million remaining under the repurchase authorization.
This is not necessarily an indicator that GameStop plans to buy back any of its stock to pay out investors. It simply means the company does currently have that option going into the 2024 fiscal year. Of course, it's something worth mentioning given the ongoing pattern of companies buying back its stock, paying out investors, and cutting its workforce.
GameStop (GME) ended the trading day at $15.50/share. That number dropped moments after the company issued its earnings report, but has since started climbing up in after-hours trading.
We continue to break down Tuesday's earnings throughout the day at Shacknews. Keep it here for the latest updates and follow our GameStop News topic page for more.