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GameStop reported second-quarter net income of $298.7 million, or 51 cents per share, on Tuesday, up from $168.6 million, or 31 cents per share, in the same period a year ago, as gains tied to its eBay stake bolstered the bottom line. The company raised its full-year adjusted EBITDA outlook to more than $650 million, from a prior target of more than $600 million set in June.
Quarterly revenue fell to $790.2 million from $972.2 million in the year-ago period. GameStop pointed to several headwinds behind the drop, including the absence of a Nintendo Switch 2 launch tailwind from the prior year, ongoing store closures, and the sale of its French business. Adjusted earnings per share came in at 27 cents.
Operating income reached $160.2 million, the highest second-quarter operating income in GameStop's history, compared with $66.4 million in the prior-year quarter. Adjusted EBITDA was $174.0 million, up from $75.7 million a year earlier.
Collectibles — which include trading cards, apparel, toys, and pop culture merchandise — were the standout category, with net sales rising 57% to $356.3 million, representing 45.1% of total revenue compared with 23.4% a year ago. Video games revenue fell to $263.2 million from $494.6 million, and the pre-owned and refurbished segment slid to $170.7 million from $250.0 million.