What's Going On With GameStop Stock Tuesday?

GameStop Corp GME shares are in the spotlight Tuesday ahead of earnings. Here’s what you need to know.

What To Know: GameStop is set to report fourth-quarter financial results after the market close on Tuesday. The video game retailer is expected to report earnings of 29 cents per share on quarterly revenue of $2.05 billion, according to estimates from Benzinga Pro.

In the fourth quarter of 2022, GameStop delivered a big earnings surprise when it turned in positive EPS of 16 cents versus estimates for a loss of 13 cents. The company also beat top-line estimates.

Last quarter, GameStop reported an earnings loss of 1 cent per share and reported revenue of $1.08 billion, which missed analyst estimates of $1.18 billion. The company said it ended the quarter with $1.21 billion in cash, cash equivalents and marketable securities.

In a regulatory filing released alongside earnings, GameStop said its board approved a new investment policy that would allow CEO Ryan Cohen to manage the company’s security investments.

“The Company's investments will be made in accordance with the guidelines set forth in the Investment Policy. The Board may also approve non-conforming investments and/or, in consultation with the Chief Executive Officer, modify the Investment Policy from time to time,” the company said.

GameStop did not provide conference call details when it announced its fourth-quarter earnings date. It’s likely that a conference call will not take place as the company has refrained from holding a call with analysts and investors for three consecutive quarters.

Check This Out: Meme King Ryan Cohen Now Able To Trade Stocks With GameStop Funds

GME Price Action: GameStop shares raced higher on Monday, closing the day up more than 15%. The stock was roughly flat at the time of writing Tuesday, according to Benzinga Pro.

Photo: JJBers from Flickr.