GameStop's Revenue Swoons—But the Retailer Posted a Surprise Profit

Core Insights - GameStop reported an unexpected profit in Q2 despite a significant decline in sales, which fell 31% year-over-year and missed analyst expectations [1][2] - The company's revenue for the quarter was $798 million, which was below the Visible Alpha analyst consensus [1] - Net income increased to $14.8 million, or 4 cents per share, compared to a loss of $2.8 million, or 1 cent per share, in the previous quarter [1] - GameStop did not provide guidance for future performance and did not schedule an earnings call [1][2] Stock Performance - GameStop's shares fell over 3% prior to the earnings results and experienced a slight decline of less than 1% after the announcement [2] - Despite the recent drop, the stock has risen more than 30% in 2024, partly due to earlier price spikes influenced by the meme stock community [2]