Markets
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Luke Kawa

GameStop posts impressive Q2 results with big sales beat

GameStop is building on its post-earnings gains, now up more than 7% in premarket trading on Wednesday after the video games and collectibles retailer posted an impressive set of second-quarter results.

  • Net sales: $972 million (estimate $823 million).

  • Adjusted diluted earnings per share: $0.25 (estimate $0.16).

Note: these consensus estimates, compiled by Bloomberg, are from only two analysts.

The sales beat is particularly noteworthy, as the company had already done an exemplary job of expense control to help protect its bottom line. Revenues were up more than 20% versus the year-ago quarter, the biggest annual jump in sales since the company (and the world) was emerging from the pandemic in 2021.

For a while, GameStop’s ability to generate positive net income was purely a function of the interest earnings on its substantial cash hoard. But now, GameStop has strung together five consecutive quarters of positive operating cash flows for the first time in its history!

This was the quarter when the company began to act on its bitcoin treasury strategy, raising money through the sale of convertible notes and using some proceeds to purchase the crypto asset. As of the close of the quarter, its bitcoin holdings were valued at $528.6 million.

Because of how much market value has been ascribed to potential for GameStop CEO Ryan Cohen to use its significant cash holdings to transform the company, the prospect of converting cash into bitcoin initially did not sit too well with investors following the announcement of this new strategic push in March.

Shares of the once-upon-a-time meme stock really didn’t get too much love during retail frenzies earlier in the summer, and were down about 25% year to date heading into this release.

The options market implies a move of plus or minus about 9.4% on earnings.

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Jon Keegan

Microsoft shares have biggest single-day drop since March 2020

Yesterday, Microsoft reported strong earnings and revenue for its second quarter, but the stock plunged after-hours. Investors seem to have been concerned about so much of Microsoft’s booked contracts coming from one company — OpenAI — as well as its slowing cloud growth.

Today, it got worse. Microsoft shares sank 10%, suffering their largest single-day drop since the start of the Covid lockdown in March 2020.

markets
Matt Phillips

Western Digital beats Wall Street estimates for Q2 sales, EPS

Western Digital posted better-than-expected quarterly sales and earnings-per-share figures after the close Thursday, though the shares slipped after-hours. 

Here’s how the results looked:

  • Fiscal Q2 revenue of $3.02 billion vs. the $2.93 billion consensus analyst expectation, per FactSet.

  • Adjusted earnings per share of $2.13 vs. the $1.93 analysts predicted.

  • Fiscal Q3 guidance for adjusted EPS of $2.15 to $2.45 vs. analyst estimates of $1.99.

  • Guidance for Q3 sales of $3.1 billion to $3.3 billion vs. estimates of $2.98 billion.

Western Digital — and rival Seagate Technology Holdings — were among the market’s best performers last year, rising 282% and 219%, respectively, as data storage became a key bottleneck for hyperscalers. 

The shares are romping into 2026 as well, with both stocks up more than 60% in January through the close of trading on Thursday. 

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