Video game company GameStop Corp. (NYSE: GME) has reported an increase in fourth-quarter 2024 earnings, despite a double-digit fall in revenues.
- Net sales decreased to $1.28 billion in the fourth quarter from $1.79 billion in the prior year’s fourth quarter
- Q4 net income was $131.3 million, compared to $63.1 million for the corresponding quarter last year
- Adjusted EBITDA advanced to $96.5 million in the fourth quarter from $88.0 million in Q4 2023
- Selling, general, and administrative expenses were $282.5 million in Q4, compared to $359.2 million a year earlier
- Cash, cash equivalents, and marketable securities were $4.78 billion at the close of the quarter
- For fiscal 2024, the company reported net sales of $3.82 billion, compared to $5.27 billion in fiscal year 2023
- Net income was $131.3 million in FY24, compared to $6.7 million in fiscal year 2023
- Full-year adjusted EBITDA dropped to $36.1 million from $64.7 million last year
