- GameStop (NYSE:GME) reported its net sales were US$1.2 billion for the quarter, compared to $1.8 billion in Q4 2023
- Net income was US$131.3 million in Q4 2024, compared to net income of US$63.1 million for the prior year’s fourth quarter
- Looking at the results from the entirety of 2024, net sales were US$3.8 billion for fiscal year 2024, compared to US$5.2 billion for fiscal year 2023. Net income was US$131.3 million last year, compared to a net income of US$6.7 million for fiscal year 2023
- GameStop stock (NYSE:GME) last traded at US$25.41
Video game retailer GameStop (NYSE:GME) just reported its Q4 fiscal 2024 financial results.
In a media statement, the original meme stock reported its net sales were US$1.2 billion for the quarter, compared to $1.8 billion in Q4 2023.
Net income was US$131.3 million in Q4 2024, compared to net income of US$63.1 million for the prior year’s fourth quarter.
Looking at the results from the entirety of 2024, net sales were US$3.8 billion for fiscal year 2024, compared to US$5.2 billion for fiscal year 2023. Net income was US$131.3 million last year, compared to a net income of US$6.7 million for fiscal year 2023.
GameStop’s efforts to streamline operations and focus on profitability appear to be paying off, but the company will need to navigate ongoing market pressures to sustain its turnaround.
In Q3 2024, GameStop posted sales of US$860 million, a 20 per cent decline from US$1.078 billion in the same period the year prior.
GameStop’s shares have climbed more than 63 per cent since March 2024, ever since the return of influential trader Keith Gill, also known as Roaring Kitty, to social media. In contrast, the S&P 500 index has risen just 11 per cent in that time.
Despite the positive earnings, GameStop continues to face challenges. The company is struggling to revitalize its core business amid stiff competition from online giants like Amazon and eBay.
In February, the retailer announced its intention to sell its operations in Canada and France as part of a broader evaluation of its international assets.
The broader economic environment remains uncertain, with consumers cutting back on discretionary spending due to persistent inflation and a sluggish recovery in the gaming market.
GameStop Corp. is a U.S. video game, consumer electronics and services retailer. The company operates across Europe, Canada, Australia and the United States. It sells new and second-hand video game hardware, physical and digital video game software, and video game accessories.
GameStop stock (NYSE:GME) closed down 0.78 per cent on Tuesday at US$25.41.
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