GameStop Q2 Profit Jumps While Sales Slide on eBay Investment Gains
Preliminary fiscal second-quarter results point to net income of $290 million to $310 million, up from $168.6 million a year earlier, but about $238 million came from GameStop’s eBay equity and derivative positions, offset by a $75 million loss on digital assets. Revenue is expected to drop to $780 million to $800 million. The company also used $358.4 million in cash and stock to exchange convertible notes to limit dilution, with 43.4 million eBay shares valued at $4.95 billion.