GameStop posts revenue growth and 2 billion buyback
GameStop reported quarterly revenue of 835.3 million dollars driven by strong collectibles demand and approved a new three-year share repurchase program. CEO Ryan Cohen remains committed to a potential acquisition of eBay despite the e-commerce firm rejecting an unsolicited 56 billion dollar offer.
GAMESTOP CORP-CLASS A reported a 14% rise in quarterly revenue to $835.3 million and authorized a $2 billion share buyback on Tuesday. This result climbed from $732.4 million a year ago as strong collectibles demand offset the consumer shift toward digital downloads. The performance provides capital for CEO Ryan Cohen to pursue a hostile $56 billion acquisition of EBAY INC.
### Collectibles Drive Revenue Growth GameStop is shifting its business model from traditional hardware sales to trading cards and collectibles. This transition addresses the consumer move toward digital downloads and online purchases. Net income for the first quarter surged to $389.6 million, compared to $44.8 million in the prior year.
