The company notes that it did not repurchase shares in fiscal 2023.
GameStop (GME) issued its earnings report for Q4 2023. The company missed on its quarterly earnings expectations, but there were also several other takeaways from Tuesday's report. One particular item from GameStop's latest SEC filing is that the company still has a significant amount of money allocated for stock buybacks, something that may be worth monitoring.
The following comes from the GameStop SEC Filing issued on Tuesday, March 26, 2024:
On March 4, 2019, our Board of Directors approved a share repurchase authorization allowing us to repurchase up to $300.0 million of our Class A Common Stock. The authorization has no expiration date.
We did not repurchase shares during fiscal 2023, fiscal 2022 or fiscal 2021. As of February 3, 2024, we have $101.3 million remaining under the repurchase authorization.
This is not necessarily an indicator that GameStop plans to buy back any of its stock to pay out investors. It simply means the company does currently have that option going into the 2024 fiscal year. Of course, it's something worth mentioning given the ongoing pattern of companies buying back its stock, paying out investors, and cutting its workforce.
Source: Yahoo! Finance
GameStop (GME) ended the trading day at $15.50/share. That number dropped moments after the company issued its earnings report, but has since started climbing up in after-hours trading.
We continue to break down Tuesday's earnings throughout the day at Shacknews. Keep it here for the latest updates and follow our GameStop News topic page for more.
Ozzie has been playing video games since picking up his first NES controller at age 5. He has been into games ever since, only briefly stepping away during his college years. But he was pulled back in after spending years in QA circles for both THQ and Activision, mostly spending time helping to push forward the Guitar Hero series at its peak. Ozzie has become a big fan of platformers, puzzle games, shooters, and RPGs, just to name a few genres, but he’s also a huge sucker for anything with a good, compelling narrative behind it. Because what are video games if you can't enjoy a good story with a fresh Cherry Coke?
