Key facts
- GameStop reported a record quarterly net income of $389.6 million.
- Net sales increased 14% year-over-year to $835.3 million.
- Collectibles sales were identified as the primary driver of revenue growth.
- Operating income reached $143.3 million, the highest first-quarter operating income in company history.
- The board approved a new $2 billion share repurchase authorization.
- The new share repurchase program is authorized through June 2, 2029.
GameStop reported a record quarterly net income of $389.6 million for the quarter ended May 2, a significant increase from $44.8 million in the same period last year. Net sales rose 14% year-over-year to $835.3 million, with the company attributing much of this growth to a surge in collectibles sales. Operating income reached $143.3 million, marking the highest first-quarter operating income in GameStop's history. The company concluded the quarter with $9.7 billion in cash, marketable securities, digital assets, and collateral. In addition to the strong earnings, GameStop's board approved a new $2 billion share repurchase program, set to run through June 2, 2029, replacing a previous plan initiated in March 2019. The stock saw an increase in premarket trading following the announcement. The company also disclosed it increased its stake in eBay to approximately 6.55%, despite eBay's rejection of GameStop's unsolicited $56 billion takeover offer.