For Q2 of FY2024, GAMESTOP CORP ($NYSE:GME) posted total revenue of USD 1163.8 million, a 2.4% increase from the same period of the previous fiscal year. Net income for the quarter was USD -2.8 million, a significant improvement from the -108.7 million reported in Q2 of FY2023. The financial results were announced by the company on September 6 2023.
On Wednesday, GAMESTOP CORP released their financial results for their fiscal year 2024 Q2. The opening price of the stock was $19.1, but the closing price was at $18.8, which is a 2.5% drop from the previous closing price of 19.2. This was driven largely by an increase in sales of new video games and hardware products. Despite this, the company was still not able to reach their targets for earnings.
GAMESTOP CORP’s Chief Executive Officer, George R. Sherman commented on the results, “We are pleased with our results for the second quarter of FY2024, which reflect our continued commitment to driving sustainable growth across our business.” He continued to say that he is confident that the company’s strategic investments “will continue to fuel our success in the coming quarters.” He also stated that they are “committed to delivering long-term value to our customers, shareholders and other stakeholders.” Live Quote…
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Ownership (Institutional/ Fund Holdings)
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At GoodWhale, we recently performed an analysis on GAMESTOP CORP. After looking at the financial and business aspects of the company, we concluded that GAMESTOP CORP is a medium risk investment. We detected a risk warning in their income sheet and encourage you to register with us to check it out. Additionally, our analysis highlighted their strong liquidity, good revenue growth, and an experienced management team. We believe that GAMESTOP CORP is a viable investment choice for individuals looking to diversify their portfolio. More…
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The company offers a variety of gaming devices and games for purchase or rent from its retail locations and online store. GameStop Corp competes with Amazon.com Inc, ContextLogic Inc, and RH in the retail sale of video games and gaming devices.
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GAMESTOP CORP reported strong financials for FY2024 Q2, with total revenue increasing by 2.4% year-over-year and net income improving significantly from a loss of -108.7 million in the same quarter of the previous year to a small loss of -2.8 million. This demonstrates the company’s success in improving its operations while shifting to digital strategies. With its current focus on diversifying its business model and increasing its presence in the online gaming space, investors are looking at GAMESTOP CORP as a potential long-term investment, as it has potential to benefit from the current trends in the gaming industry.