GameStop reports Q2 revenue of $972.2 million, slightly up from last year due to hardware sales

GameStop’s second-quarter numbers are out, and they barely moved the ￰0￱ company pulled in $972.2 million in net sales for the quarter ending August 2. That’s up from $798.3 million last year in the same ￰1￱ reason? A small lift in hardware sales, enough to tick the total revenue higher, but nothing major. Still, investors pushed the stock up 4% after hours, riding momentum and memes more than actual operational ￰2￱ company, still known for the 2021 retail frenzy, posted a net income of $168.6 million, up from $14.8 million a year ￰3￱ massive jump came down to some wild swings in asset values, especially ￰4￱ now holds $528.6 million in Bitcoin, up sharply from last ￰5￱ cash, cash equivalents, and marketable securities hit $8.7 billion, compared to just $4.2 billion at the end of Q2 last ￰6￱ costs drive operating income turnaround GameStop slashed its spending in a big way.

Selling, general and administrative (SG&A) expenses dropped to $218.8 million, down from $270.8 million last year. That’s a drop of over $50 ￰7￱ cost-cutting helped turn things ￰8￱ income swung to $66.4 million this quarter, up from a $22 million loss in the same period last ￰9￱ excluding impairment and other adjustments, adjusted operating income came in at $64.7 million, compared to an adjusted loss of $31.6 million last ￰10￱ shows GameStop leaned hard on cutting fat rather than growing core ￰11￱ company’s adjusted net income, after removing impairment, unrealized digital asset gains, and other line items, came in at $138.3 million. That’s a massive spike from the $5.2 million adjusted net income posted in Q2 last ￰12￱ again, most of that is balance sheet math and crypto ￰13￱ leaned into non-GAAP reporting this ￰14￱ highlighted several adjusted numbers: adjusted SG&A, adjusted operating income, adjusted net income, adjusted EPS, adjusted EBITDA, and free cash ￰15￱ these tweaks remove transformation costs, severance, digital asset gains and losses, impairments, and ￰16￱ company argued that these figures “provide useful information” for investors watching its core ￰17￱ say they’re just cleaning up the mess to make the quarter look ￰18￱ way, there’s a huge gap between GAAP and non-GAAP numbers this ￰19￱ expenditures were taken out of free cash flow calculations, painting a smoother financial picture.

Meanwhile, crypto played a big role in inflating the company’s ￰20￱ $528.6 million Bitcoin stash is now a piece of their financial ￰21￱ your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.