GameStop’s
financial
results
for
the
second
quarter
(ended
August
3,
2024)
showed
a
continuing
decline
for
the
company,
with
a
45%
drop
in
sales
year-on-year.
Net
sales
amounted
to
$798
million,
versus
$1.16
billion
in
Q2
2023.
Its
net
income
was
on
the
rise
compared
to
last
year
though,
at
$14.8
million.
For
the
same
period
last
year,
GameStop
had
recorded
a
loss
of
$2.8
million.
Looking
at
its
sales
in
more
detail,
purchases
dropped
across
the
board,
down
24.5%
for
hardware
and
accessories,
47.8%
for
software,
and
17.7%
for
collectibles.
As
a
result
of
this
financial
performance,
GameStop
is
looking
to
close
more
stores,
Reuters
reported.
The
retailer
reportedly
said
the
outlets
to
shutter
are
currently
being
identified
and
that
it’s
looking
to
shutter
more
stores
than
it
did
in
the
past
few
years.
GameStop
also
filed
an
offering
of
up
to
20
million
shares,
Reuters
said,
with
the
aim
to
use
the
proceeds
“for
general
corporate
purposes,
which
may
include
acquisitions
and
investments
in
a
manner
consistent
with
[its]
investment
policy.”
The
publication
added
that
GameStop’s
stock
plunged
10%
following
this
announcement.
GameStop’s
Q1
was
equally
bleak,
with
its
sales
dropping
26%
year-on-year
and
a
net
loss
of
$32.3
million.
Earlier
this
year,
the
retailer’s
shares
spiked
following
the
return
of
meme
stock
personality
Keith
‘Roaring
Kitty’
Gill
on
social
media
X,
three
years
after
being
an
instigator
of
the
original
2021
GameStop
meme
stock
rally.
GameStop
shut
down
its
crypto
marketplace
earlier
this
year,
and
reportedly
went
through
a
round
of
redundancies.
It
also
shuttered
long
running
publication
Game
Informer.
