GameStop Corporation (NYSE:GME) shares are trading higher Wednesday after the company reported better-than-expected second quarter financial results and announced a special dividend of tradable warrants.
What To Know: GameStop reported adjusted earnings per share of 25 cents, beating the consensus estimate of 16 cents. In addition, the company reported sales of $972.2 million, beating the consensus estimate of $823.24 million.
GameStop ended the quarter with $8.7 billion in cash, cash equivalents and marketable securities. The company also reported Bitcoin holdings valued at $528.6 million.
Furthermore, GameStop announced a special dividend of tradable warrants, granting investors one warrant for every 10 shares held as of Oct. 3. The company expects to distribute about 59 million warrants on Oct. 7, each exercisable at $32 per share until Oct. 30, 2026.
The warrants will trade on the New York Stock Exchange under the ticker GME WS and could raise up to $1.9 billion if fully exercised.
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GME Price Action: At the time of publication, GameStop shares are trading 5.29% higher at $24.84, according to data from Benzinga Pro.
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