GameStop reports +$6B in cash, no new Bitcoin purchases since the last update

GameStop Corp. (NYSE:GME) traded higher in post-market trading on Tuesday after disclosing its Q1 earnings report and announcing that it can start investing in Bitcoin (BTC-USD).

Revenue fell 16.9% year-over-year for the quarter that ended on May 3 to $732.4 million. Hardware and accessories sales accounted for 47.1% of total sales vs. 57.3% a year ago, while software sales fell to 24.0% of the mix from 27.2% last year. Collectibles revenue was up to 28.9% of the total vs. 15.5% a year ago.

The Grapevine, Texas-based company said selling, general and administrative expenses were 31.1% of sales, compared to 33.5% of sales a year ago. Cost of sales fell to 65.5% of total sales, vs. 72.3% a year ago.

GameStop (NYSE:GME) recorded net income of $44.8 million in Q1, vs. a net loss of $32.3 a year ago. EPS was $0.17 for the quarter, vs. $0.04 consensus and -$0.12 a year ago.

On the balance sheet, GameStop (GME) ended the quarter with $6.4 billion in cash. GameStop Corp. (GME) announced on May 28 that it had purchased 4,710 Bitcoin. The company disclosed that it has not added to the Bitcoin (BTC-USD) Treasury position since then.

GameStop (GME) does not have an earnings conference call scheduled.

Shares of GameStop (GME) slipped 0.3% in postmarket trading. The stock is down just under 4% on a year-to-date basis.