Companies /Consumer Cyclical
Gamestop Corporation - Class A
NYSE: GME Specialty Retail
$26.56
▲ $1.28 (+5.06%) today
Markets closed · 11:59pm ET

GameStop (GME) Q3 2024 Earnings

Reported Dec 10, 2024, 4:06pm ET · SEC source
$0.06
Beat +300.00%
EPS · est. $-0.03 Adjusted

GAAP EPS of $0.04 includes $8.6 million in asset impairments related to plans to divest Italy operations and wind down Germany operations; adjusted EPS of $0.06 excludes $8.6 million asset impairments, $0.2 million transformation costs, and divestiture costs

$860.3M
Miss −3.08%
Revenue · est. $887.7M
−1.1%
Trailing market
GME vs S&P since report
9 quarters
Consecutive EPS beats

How Did GME Stock React to Q3 2024 Earnings?

% change · around the report
0+5%+10%+15%Dec 10Dec 11report 4:06pm ETearnings+0.6%+9.4%
0+5%+10%+15%Dec 10Dec 11earnings+0.6%+9.4%
GME +9.4%S&P 500 +0.6%
0+5%+10%Dec 10Dec 11report 4:06pm ETearnings+1.6%+9.4%
0+5%+10%Dec 10Dec 11earnings+1.6%+9.4%
GME +9.4%NASDAQ +1.6%
−5%0+5%+10%Dec 9Dec 18report 4:06pm ETearnings−2.7%+0.3%
−5%0+5%+10%Dec 9Dec 18earnings−2.7%+0.3%
GME +0.3%S&P 500 −2.7%
−5%0+5%+10%Dec 9Dec 18report 4:06pm ETearnings−0.8%+0.3%
−5%0+5%+10%Dec 9Dec 18earnings−0.8%+0.3%
GME +0.3%NASDAQ −0.8%
+7.58%
Day of report
−0.76%
Next session
−1.45%
One week
−3.49%
30 days

S&P 500 over the same 30 days: −2.42%.

Did GME Beat Earnings? Q3 2024 Results

Yes. GameStop reported Q3 2024 earnings of $0.06 a share on Dec 10, 2024, beating the $-0.03 consensus estimate by 300.0%. Revenue was $860.3M against a $887.7M estimate.

GameStop posted a striking profitability turnaround in its fiscal third quarter even as its retail business continued to shrink, with adjusted EPS of $0.06 coming in well ahead of the consensus estimate of negative $0.03, a gap so wide that a percentage comparison is essentially meaningless. Revenue of $860.30 million missed the $887.68 million analyst estimate by 3.08% and fell 20.2% from the year-ago quarter, with hardware, software, and collectibles all declining. The real story, however, is the company's cash hoard: interest income surged to $54.20 million from $12.90 million a year ago, a direct result of the billions accumulated through repeated equity offerings, and that income stream is what drove GAAP net income to $17.40 million compared to a loss of $3.10 million a year prior. Gross margin also improved to 29.9% from 26.1%, though the operating loss widened to $33.40 million, partly reflecting $8.60 million in asset impairments tied to plans to exit Italy and wind down German operations. GameStop held no earnings call and offered no guidance.

Key Takeaways
  • Gross margin expansion to 29.9% from 26.1% year-over-year
  • SG&A expense reduction to $282.0 million from $296.5 million
  • Net interest income of $54.2 million driven by large cash and marketable securities position
  • Revenue decline across all product categories — hardware, software, and collectibles

GME YoY Financials

Q3 2024 vs Q3 2023 · SEC filings Q3 2023 Q3 2024
$0$300.0M$600.0M$900.0M$1.1B$860.3MRevenue$281.8M$257.2MGross Profit$2.3M$17.4MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitNet Income
GME income statement, Q3 2024 versus Q3 2023
Metric Q3 2024 Q3 2023 Year over year
Revenue $860.3M $1.1B −20.2%
Gross Profit $257.2M $281.8M −8.7%
Net Income $17.4M $2.3M +661.3%

GME Revenue by Segment

Hardware and Accessories
Collectibles$171.1M
Software

GME Revenue by Geography

United States
Australia
Europe
Canada

Figures from SEC filings and company reports. Not investment advice.