GameStop has announced plans to repurchase $2 billion of its own stock following a selloff triggered by an eBay-related event.
The videogame retailer’s board approved the new buyback program, signaling confidence in the company’s financial position.
GameStop also reported that collectibles helped drive a 14% sales gain in the first quarter.
The sales boost came as the company continues to pivot toward higher-margin product categories.
Collectibles, which include trading cards and pop culture items, have become an increasingly important revenue stream for the retailer.
The buyback announcement came after a sharp decline in GameStop’s share price.
Investors had reacted negatively to news of a potential share sale tied to eBay activities.
The new repurchase program aims to return value to shareholders amid market volatility.
GameStop’s leadership emphasized the company’s strong cash reserves to fund the buyback.
The move reflects a broader strategy to stabilize the stock and reward long-term investors.
