financetom
Business
financetom
/
Business
/
What's Going On With GameStop Stock Today?
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
What's Going On With GameStop Stock Today?
Oct 15, 2024 8:49 AM

GameStop Corp ( GME ) shares are getting some attention on Tuesday. The stock got a lift after the video game retailer announced a collaboration with Professional Sports Authenticator.

What Happened: GameStop ( GME ) on Tuesday announced that it entered into a collaboration with Professional Sports Authenticator (PSA), a division of Collectors Holdings. PSA offers trading card and autograph authentication and grading services.

Under the collaboration, GameStop ( GME ) will become an authorized PSA dealer. PSA will also provide grading services for trading cards through select GameStop ( GME ) stores across the United States. GameStop ( GME ) began buying and selling graded cards at select stores in May.

Check This Out: Bitcoin Worth $63,000 Pulled In $33 Pack Of Trading Cards At GameStop ( GME ): ‘Mind-Boggling’ Story Goes Viral, Highlights Crypto Redemption Card

The PSA collaboration marks GameStop’s latest attempt to reinvent its business as the retailer has struggled to stay relevant with the video game industry increasingly going digital.

GameStop ( GME ) has fallen short of sales estimates in four consecutive quarters, according to data from Benzinga Pro.

In the company’s most recent quarter, GameStop ( GME ) reported continued declines in sales and missed analyst expectations, but reported a surprise profit of 1 cent per share versus estimates for a loss of 9 cents per share.

Notably, GameStop ( GME ) ended the quarter with $4.2 billion in cash, cash equivalents and marketable securities as the company has raised capital several times in recent years. Just last month, GameStop ( GME ) said it sold the maximum number of shares under its previously disclosed at-the-market equity offering program for gross proceeds of approximately $400 million.

GameStop ( GME ) is not due to report earnings again until December. The video game retailer is expected to report a loss of 3 cents per share and revenue of $887.7 million, according to analysts estimates from Benzinga Pro. In the comparable quarter last year, GameStop ( GME ) reported breakeven earnings on revenue of $1.18 billion.

GME Price Action: GameStop ( GME ) shares initially popped about 1% on the PSA collaboration before pulling back. The stock was roughly flat at $21.13 at the time of publication, according to Benzinga Pro.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Trump says he will announce 25% steel and aluminum tariffs on Monday
Trump says he will announce 25% steel and aluminum tariffs on Monday
Feb 9, 2025
ABOARD AIR FORCE ONE (Reuters) -U.S. President Donald Trump said on Sunday that he will announce on Monday 25% tariffs on all steel and aluminum imports into the U.S., another major escalation in his trade policy overhaul. Trump, speaking to reporters on Air Force One, also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost...
Macron signals investments of 109 billion euros in French AI by private sector
Macron signals investments of 109 billion euros in French AI by private sector
Feb 9, 2025
PARIS (Reuters) -France will announce private sector investments totalling some 109 billion euros ($112.5 billion) in its artificial intelligence sector during the Paris AI summit which opens on Monday, President Emmanuel Macron said. The financing includes plans by Canadian investment firm Brookfield to invest 20 billion euros in AI projects in France and financing from the United Arab Emirates which...
Glass Lewis backs all 3 Barington nominees in Matthews International fight
Glass Lewis backs all 3 Barington nominees in Matthews International fight
Feb 9, 2025
NEW YORK, Feb 9 (Reuters) - Proxy advisory firm Glass Lewis recommended that Matthews International ( MATW ) shareholders elect all three of activist Barington Capital's director nominees to the casket maker's board, arguing that they would offer the company positive changes. Glass Lewis wrote in a report seen by Reuters on Sunday that Matthews' 11-member board should be refreshed...
Singapore bank DBS fourth-quarter net profit rises 10% on year, meets forecast
Singapore bank DBS fourth-quarter net profit rises 10% on year, meets forecast
Feb 9, 2025
SINGAPORE (Reuters) -DBS Group, Singapore's biggest bank, posted a 10% rise in net profit in the fourth quarter from a year earlier on the back of growth in both commercial book and markets trading, according to stock exchange filing on Monday. DBS, the first Singapore lender to kick-start this earnings season, said October-December net profit climbed to S$2.62 billion ($1.93...
Copyright 2023-2026 - www.financetom.com All Rights Reserved