GameStop reported second-quarter net income of $298.7 million, significantly increasing from the previous year's figures.
GameStop reported second-quarter net income of $298.7 million, or 51 cents per share, which is an increase from the $168.6 million, or 31 cents per share, reported in the same period a year ago. The company's bottom line was bolstered by gains tied to its eBay stake.
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GameStop raised its full-year adjusted EBITDA outlook to more than $650 million, up from a prior target of more than $600 million. Operating income reached $160.2 million, the highest second-quarter operating income in the company's history. Collectibles net sales rose 57% to $356.3 million, accounting for 45.1% of total revenue. In contrast, video games revenue fell to $263.2 million from $494.6 million, and the pre-owned and refurbished segment declined to $170.7 million from $250.0 million. The eBay investment contributed a $72.1 million unrealized gain to the income statement. GameStop also completed exchanges retiring approximately $1.4 billion in convertible notes, reducing total long-term debt to $2.8 billion.