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GameStop (GME) Q2 2024 earnings report beats EPS expectations on lighter revenue than expected

GameStop is out with earnings results for Q2 2024, and the stock is moving around in afterhours trading.

Asif Khan

September 10, 2024 1:30 PM

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GameStop is out with Q2 2024 earnings results, and the numbers are a bit mixed. The used video game retailer reported a profit of $0.01/share beating expectations of a $0.08/share loss. Revenue came in light at $798.3 million versus expectations of $896 million.

Here's a breakdown of the GameStop earnings release:

• Net sales were $0.798 billion for the second quarter, compared to $1.164 billion in the prior year's second quarter.
• Selling, general and administrative (“SG&A") expenses were $270.8 million, or 33.9% of net sales for the second quarter, compared to $322.5 million, or 27.7% of net sales, in the prior year's second quarter.
• Net income was $14.8 million for the second quarter, compared to a net loss of $2.8 million for the prior year’s second quarter.
• Cash, cash equivalents and marketable securities were $4.204 billion at the close of the quarter.

GameStop will not be holding an earnings conference call today.

This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.

Full Disclosure:

At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:

Long GameStop via GME shares

Long GameStop via GME call options

Asif Khan

CEO/EIC/EIEIO

Asif Khan is the CEO, EIC, and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Tendobox.com. Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.