Markets
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Nate Becker

GameStop pops as Q1 revenue, profit rise and retailer authorizes $2 billion of stock buybacks

GameStop shares popped after-hours, as the company authorized a $2 billion stock buyback and posted a blockbuster fiscal first-quarter profit aided by unrealized gains on its options exposure to eBay stock. 

Here are the numbers from the retail trader favorite: 

  • Adjusted earnings per share of $0.30, up from $0.17 a year earlier and above the $0.16 estimate of… precisely one analyst.

  • Revenue of $835.3 million, up 14% from a year earlier.

  • A $2 billion stock buyback authorization, which is equivalent to about one-fifth of the company’s market cap.

  • A whopping $268 million unrealized gain because of its options exposure to eBay stock that it bought as it attempted to buy the online retailer. That led to a record quarterly net income of $389.6 million.

  • The highest first-quarter operating income ever, at $143.3 million — a number not aided by the gain in eBay stock, but rather by higher revenue and improved margins. 

Shares rose 7.1% after-hours.

The buyback authorization is a particularly interesting development for GameStop, which less than two years ago issued billions of dollars’ worth of shares as it took advantage of surging stock prices. 

Of course, it’s worth noting that the buyback authorization can be used in piecemeal fashion for the next three years, so any potential buybacks don’t have to happen any time soon — or at all.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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