GameStop said first-quarter net sales rose 14% to US$835.3 million, and net income increased to US$389.6 million from US$44.8 million a year earlier, as stronger demand for collectibles lifted revenue.

The video game retailer also approved a new US$2 billion share repurchase program through June 2, 2029, replacing an authorization from March 2019.

The update follows GameStop’s unsolicited bid for eBay, which the ecommerce company rejected in May as “neither credible nor attractive,” citing financing uncertainty, operational risks, and the debt the deal would create.

GameStop had disclosed a 5% stake in eBay and outlined funding that included about US$9.4 billion in cash and US$20 billion in potential debt financing.

🔗 Source: Reuters

Recent GameStop developments