Key facts
- GameStop reported a 14% increase in quarterly revenue.
- First-quarter net sales were $835.3 million, up from $732.4 million a year ago.
- First-quarter net income was $389.6 million, compared to $44.8 million a year earlier.
- GameStop's board approved a new $2 billion share repurchase program.
- GameStop increased its stake in eBay to approximately 6.6%.
Videogame retailer GameStop reported a 14% rise in quarterly revenue to $835.3 million, up from $732.4 million a year ago. The company announced its board approved a new $2 billion share repurchase program, set to run through June 2, 2029. GameStop's net income for the first quarter was $389.6 million, a significant increase from $44.8 million in the prior year. The company also increased its stake in eBay to approximately 6.6% from around 5%, as CEO Ryan Cohen reiterated his commitment to acquiring the e-commerce company, despite eBay's rejection of the unsolicited $56 billion offer. GameStop shares jumped 7.4% in extended trading following the announcements.