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Why GameStop Shares Are Soaring After Q2 Earnings?
$GameStop (GME.US)$
GameStop highlighted sales of $223.2 million for its collectibles category, which the company said it “intends to grow over the long-term.” The prior year’s second quarter saw sales of $177.2 million for this category.
GameStop highlighted sales of $223.2 million for its collectibles category, which the company said it “intends to grow over the long-term.” The prior year’s second quarter saw sales of $177.2 million for this category.
The company ended the second quarter with inventory of $734.8 million, which it said was reflective of a focus to keep in-stock levels in place and offset and potential future supply chain headwinds.
A focus on cost cutting saw selling, general and administrative expenses decline 14.3% from the first quarter for a total of $387.5 million in the second quarter.
Gamestop’s NFT marketplace was highlighted in the earnings report as a place to allow gamers and collectors a place to buy and sell NFTs.
The company ended the quarter with cash and cash equivalents of $908.9 million and no debt outside of an unsecured term loan related to the COVID-19 pandemic.
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