GameStop Reports Record Profit, Plans $2 Billion Buyback as eBay Concerns Surface
GameStop posted record Q1 net income of $389.6 million, fueled by collectibles now making up 41.8% of sales, and unveiled a new $2 billion share buyback; shares jumped 7.4% in after-hours trading as investors reacted to the earnings beat and capital return plan, even as the company warned future results hinge on collectibles demand and market risks.