Published , by Donovan Erskine
Published , by Donovan Erskine
GameStop (GME) has published its Q2 2023 earnings report, showing a beat on EPS and a smaller-than-expected loss on revenue. The report also included a detailed breakdown of the company’s cash holdings as of the end of the latest quarter. It’s here we see that GameStop’s cash holdings decreased by $164.6 million to a total of $915.2 million.
GameStop shared its cash holdings under the table titled “Condensed Consolidated Statements of Cash Flows” in its Q2 2023 earnings report. GameStop had a $52.2 million investing cash outflow during Q2 2023, which was offset by $58.3 million in proceeds from marketable securities sales and maturities. The company also reported a financing cash outflow of $2.7 million as it made payments on its French term loans. Lastly, GameStop had an operating cash outflow of $109.1 million on the quarter. It all amounts to $915.2 million in cash holdings in Q2.
This is a notable decrease from Q1 of this year, where GameStop reported Just north of a billion dollars in cash holdings. It also continues the decreasing trend, as the company reported a similar decrease of $116.2 million in Q1. As for its impact on the stock, GameStop (GME) was up as high as $21.07 in after-hours trading. Although it’s now come down from that high, the stock is still trading at a higher value than it was prior to the release of the earnings report and the close of markets.
It’s been a fascinating quarter for GameStop. The company reported some impressive financial results in its earnings report, all things considered. However, the company decided not to hold an earnings call, despite it being Ryan Cohen’s first quarter as executive chairman at the company. Pay a visit to our GameStop topic page to keep up with all the news.