Fri, Oct 25, 8:54 PM (69 days ago)
GameStop Corp. (GME) filed an amendment to its 10-Q for the quarter ending May 4, 2024, primarily correcting signatory details without altering other financial disclosures. For the quarter, GameStop reported a significant revenue decline of 28.7% to $881.8 million, driven by decreased sales across all segments, particularly in hardware and software. Gross profit fell to $244.5 million, but gross profit margin improved to 27.7% from 23.2% due to cost optimizations, including a reduction in freight expenses. The operating loss decreased to $50.6 million, while the net loss narrowed to $32.3 million, reflecting improved operational efficiency. Cash and cash equivalents stood at $999.9 million, with marketable securities of $83.0 million, indicating solid liquidity. The company aims to enhance profitability through cost containment and strategic investments, including an at-the-market equity offering that raised approximately $3.07 billion. Future operations may be impacted by market conditions and ongoing transformation efforts.