Latest news with #GameStop
Business Insider
5 hours ago
- Business
- Business Insider
Nintendo Switch 2 Thieves Nab Over 2,800 Systems
Nintendo (NTDOF) was the target of a heist that resulted in 2,810 Switch 2 units being stolen from a transport truck. The theft saw the video game consoles removed from a transport truck that was on its way to a GameStop (GME) location, likely a distribution center, in Texas. The theft was reported after the driver realized the consoles were missing at a pre-inspection truck stop. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to local authorities, each of the Switch 2 units that were stolen was worth $500. That means these weren't just normal Switch 2 units, which are priced at $450 each, but rather the versions that come bundled with a digital copy of Mario Kart World. With 2,810 Switch 2 units valued at $500 each stolen in the heist, the thieves walked away with $1,405,000 worth of merchandise. Considering the strong demand for the Switch 2, this will leave some fans disappointed as GameStop's Switch 2 supply in Texas is affected. It also means the thieves will likely be able to easily fence the stolen goods, and probably for much more than their MSRP. Switch 2 Sales Even with this theft, Nintendo still saw plenty of Switch 2 sales after the console's launch earlier this month. The company sold 3.5 million of the units in four days, setting new records. It also expects to sell 15 million units in the first year, with plans to produce up to 20 million units to meet increased demand. Is NTDOF Stock a Buy, Sell, or Hold? Turning to Wall Street, the analysts' consensus rating for Nintendo is Moderate Buy, based on eight Buy, two Hold, and a single Sell rating over the past three months. With that comes an average NTDOF stock price target of $92.21, representing a potential 1.22% upside for the shares.
Yahoo
a day ago
- Yahoo
Nintendo Switch 2 Screen Punctures Ruin Launch Day for Fans Due to Store Receipts Stapled Into Console's Box
UPDATE: GameStop has begun replacing Switch 2 consoles it punctured with staples, impacted customers have told IGN. "GameStop did right by me," one fan told IGN. "They traded it in for a new system. They must of sent a shipment of Switch 2's to that location today to fix the staple problem." Another customer, who also got their Switch 2 replaced, said they had been told GameStop moved quickly to pull spare stock from other local stores in order to provide immediate replacements. In a statement to IGN yesterday, reported below, the retailer had pledged it would "make customers whole". Happily, it seems that this process has indeed now begun. ORIGINAL STORY: Nintendo Switch 2 owners are opening consoles with punctured screens due to store receipts being stapled into the front of the console's box. Photos from a string of Switch 2 customers show how staples can easily penetrate through the console's packaging, which consists of a thin cardboard box and a flimsy plastic envelope containing the main Switch 2 unit. "GameStop stapled the receipt for me and my friends' Switch 2s to the box. FML," wrote one fan last night after getting home from excitedly picking up their console at a midnight store opening. "Genuinely insane now I'm gonna have to wait three months for the restock." Many images showing the problem include receipts from the same Staten Island branch of GameStop, which appears to have stapled receipts to much of their midnight launch Switch 2 stock. A video of the midnight launch posted by one attendee shows a long line of customers waiting at this particular GameStop branch — many of whom now appear to have been impacted in the same way. "Midnight release went bad for me," another affected customer, whose console screen has also been punctured by staples, wrote on reddit. "It's seeming like everyone there had the same thing done to their boxes as well. Over 100 people were there tonight." "Hello! My Switch 2 has staple holes in the screen," a third fan with a damaged console wrote on social media in an attempt to contact GameStop and Nintendo. "They stapled the receipt to the box at 1756 Forest Ave, Staten Island, NY 10303 and it damaged the screen." GameStop and Nintendo are yet to give the fan a response. "Me and my homie here (we never met before) were unfortunately at the same GameStop and this happened to me and another buddy!" yet another fan wrote on reddit. "Think the entire pre-order batch is completely f***ed." IGN has contacted GameStop and Nintendo for comment, and asked if advice can be passed on to retailers warning them of the potential issue when handling Switch 2 stock. "We are investigating the matter and will make customers whole", a GameStop spokesperson later confirmed to IGN. While GameStop has been criticised by those affected, fans have also expressed surprise that Nintendo itself had not done more to protect the key part of Switch 2 — the main unit, including its screen — within the console's packaging. "I'm not gonna hate on the employees too hard, but it seems like it was packaged without thought," one fan with a damaged Switch 2 wrote. "Why have the screen facing up with barely any protection. I mean they are still idiots for stapling it."The Switch 2 is packaged with its main unit at the front of the console's cardboard box, and its screen facing outwards. (From unwrapping my own Switch 2 console this morning, I can confirm there is surprisingly little to protect the screen from damage.) "I knew this would happen," another fan wrote on social media. "It was a weird decision by Nintendo to have the screen sit face-side-up at the very top of the box with only the thin cardboard to protect it. You're going to hear about a few damaged screens in the coming days. They are at risk just being stacked in shipping." IGN has contacted many of the fans now left with a Switch 2 that has been damaged, through no fault of their own, on the day of the console's launch. One GameStop customer told us they would be back at the store when it opened later today to return the console. It seems likely they won't be alone. Tom Phillips is IGN's News Editor. You can reach Tom at tom_phillips@ or find him on Bluesky @
Yahoo
a day ago
- Entertainment
- Yahoo
Nintendo Switch 2 Retailer GameStop Is Really Leaning Into Its Launch Day Stapler Snafu
Remember when retail giant GameStop ruined the launch of Switch 2 for hundreds of customers by stapling receipts through the screens of Nintendo's new console? Well, GameStop certainly does, as its latest Nintendo Switch 2 advert leans into the snafu to advertise the next wave of console stock arriving in its stores. "Staples not included," states the advert, posted to GameStop's social media account. "Find a Switch 2 restock at GameStop today." An accompanying image shows the Switch 2 console and a red stapler — with the words "Do Not Use On Box" scribbled on it. While some fans have reacted to the advert with humor, others suggested it was odd for the retailer to be doubling down on its expensive error that ruined stock worth thousands of dollars. IGN first reported on GameStop's Switch 2 stapler issue just hours after the console launched on the U.S. East Coast, with most reports of stapler damage centred on a single GameStop store in Staten Island, New York. Impacted customers told IGN they discovered their damaged consoles after returning home to unbox and begin playing their new purchases — only to find their console screens punctured where stapers had been used to affix receipts onto the Switch 2's thin cardboard box. Of course, this isn't the first time GameStop has made light of the incident. The chain's social media account later said it had "addressed a unique case of staples damaging Switch 2 screens — isolated to one store." "Replacements have been offered," GameStop wrote, alongside a GIF showing a scene from 1999 comedy film Office Space where a clueless employee has their office equipment taken away. "Staplers have been confiscated." Responding to GameStop's latest stapler reference, one customer wrote: "Yall better had replaced every Switch 2 that got those staples in the first place." GameStop replied to say it had now done so. "Auction off the stapler that ruined everything," said another customer, to which GameStop responded with a thinking GameStop has characterised the issue as an unfortunate mistake made by one specific store, IGN has been contacted by customers of other retailers who have experienced similar screen damage due to their Switch 2 boxes being stapled. Indeed, fans have questioned Nintendo's choice of packaging for the Switch 2 in general — with the console's screen positioned facing outwards, leaving it liable to damage. IGN prevously contacted Nintendo about the issue, though the company simply referred us back to GameStop's own acknowledgement. Tom Phillips is IGN's News Editor. You can reach Tom at tom_phillips@ or find him on Bluesky @
Yahoo
a day ago
- Business
- Yahoo
Can a Massive Bitcoin Investment Save GameStop?
GameStop plans to accumulate Bitcoin as part of a new financial strategy. The company has managed to turn its core retail business profitable. Stabilizing sales and a climbing Bitcoin price could be bullish for GameStop stock. 10 stocks we like better than GameStop › Perennial meme stock GameStop (NYSE: GME) has taken its shareholders on another roller-coaster ride of volatility so far in 2025. In May, its stock price soared to $35.81, near a 52-week high, but it has since plummeted to under $23 per share. It's currently down 30% year to date. The niche retailer continues to grapple with a changing operating environment as the video game industry increasingly shifts toward digital content that can be directly downloaded to players' machines. In its efforts to stay relevant, GameStop has expanded its merchandise offerings into collectibles and gaming-related apparel. But perhaps its biggest pivot has been its new Bitcoin treasury strategy: GameStop plans to accumulate large amounts of the cryptocurrency on its balance sheet. Could this crypto gamble revive GameStop's fortunes? GameStop's retail business faces several challenges, yet its fiscal 2025 first-quarter results indicate that its ongoing restructuring effort is working. Although its net sales declined by 17% year over year to $732 million in the period (which ended May 3), that figure includes the impact of closing more than 590 underperforming stores in the United States during its fiscal 2024. It also exited some European markets, and factored into its Q1 results some costs relating to its further plans to close its operations in Canada and France this year. Throughout that period, though, its strategic push into collectibles, including toys and trading cards, has been a winning move for GameStop. Sales in that category grew by 55% over the past year and now represent 29% of the top line. This shift in the sales mix, coupled with the company's streamlined cost structure, is translating into improved profitability and positive free cash flow. In the fiscal first quarter, it booked adjusted earnings per share (EPS) of $0.17, a sharp contrast to its loss of $0.12 in the prior-year period. Wall Street analysts predict that the trend of bottom-line improvements will continue. On average, they forecast fiscal 2025 EPS of $0.73, more than double its $0.33 result last year. Even as top-line growth remains elusive for GameStop, it's demonstrating resilience and some fundamental strength. What makes GameStop particularly interesting as a potential investment now is its well-capitalized balance sheet. It ended last quarter with $6.4 billion in cash -- a significant amount relative to its $9.9 billion current market capitalization. This liquidity will provide the company with both time and flexibility to pursue its strategic turnaround. Meanwhile, inspired by the success of Strategy (formerly known as MicroStrategy), which pioneered the conversion of corporate cash holdings into cryptocurrency, GameStop is moving in a similar direction. In May, the company acquired 4,710 Bitcoins for approximately $513 million -- about 8% of its cash position. The company has already doubled down on its commitment to Bitcoin, raising additional cash to fund further purchases through a recent private offering of $2.25 billion in 0% convertible senior notes. This debt and equity hybrid enables the company to effectively borrow money without paying interest. Investors will benefit from their ability to convert those notes into shares if GameStop's stock price surges, offering the potential for stock-like gains with lower risk. For equity shareholders, the upside potential is unlimited, assuming the Bitcoin strategy succeeds and enhances the market's perception of GameStop within the context of a broader corporate comeback. As compelling as GameStop's newfound crypto ambition may seem, its increased debt burden and its new Bitcoin holdings shift the company's risk profile, adding a layer of complexity. The more Bitcoin it adds to its balance sheet, the more detached the stock price will become from the state of its retail business -- for better or worse. While some highly optimistic bulls have offered scenarios in which Bitcoin's price could climb to $1 million and beyond in the coming years, there's also the possibility that it could fall. Even a modest correction in Bitcoin's price to a level below GameStop's average cost basis could lock the company out of further financing as its unrealized losses mount. That would hinder the stock's recovery. While I acknowledge that the numerous uncertainties will likely keep shares of GameStop volatile, I'm cautiously bullish and believe the latest sell-off offers an attractive buy-the-dip opportunity. For investors who think Bitcoin's price will head higher and who are convinced that GameStop's retail transformation is just getting started, a small position in the stock could have its place in a diversified portfolio. My prediction is that GameStop's stock price will revisit its recent high above $35 within the next year. Before you buy stock in GameStop, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and GameStop wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $658,297!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $883,386!* Now, it's worth noting Stock Advisor's total average return is 992% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Dan Victor has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy. Can a Massive Bitcoin Investment Save GameStop? was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
a day ago
- Business
- Globe and Mail
Can a Massive Bitcoin Investment Save GameStop?
Perennial meme stock GameStop (NYSE: GME) has taken its shareholders on another roller-coaster ride of volatility so far in 2025. In May, its stock price soared to $35.81, near a 52-week high, but it has since plummeted to under $23 per share. It's currently down 30% year to date. The niche retailer continues to grapple with a changing operating environment as the video game industry increasingly shifts toward digital content that can be directly downloaded to players' machines. In its efforts to stay relevant, GameStop has expanded its merchandise offerings into collectibles and gaming-related apparel. But perhaps its biggest pivot has been its new Bitcoin treasury strategy: GameStop plans to accumulate large amounts of the cryptocurrency on its balance sheet. Could this crypto gamble revive GameStop's fortunes? A silver lining at the start of 2025 GameStop's retail business faces several challenges, yet its fiscal 2025 first-quarter results indicate that its ongoing restructuring effort is working. Although its net sales declined by 17% year over year to $732 million in the period (which ended May 3), that figure includes the impact of closing more than 590 underperforming stores in the United States during its fiscal 2024. It also exited some European markets, and factored into its Q1 results some costs relating to its further plans to close its operations in Canada and France this year. Throughout that period, though, its strategic push into collectibles, including toys and trading cards, has been a winning move for GameStop. Sales in that category grew by 55% over the past year and now represent 29% of the top line. This shift in the sales mix, coupled with the company's streamlined cost structure, is translating into improved profitability and positive free cash flow. In the fiscal first quarter, it booked adjusted earnings per share (EPS) of $0.17, a sharp contrast to its loss of $0.12 in the prior-year period. Wall Street analysts predict that the trend of bottom-line improvements will continue. On average, they forecast fiscal 2025 EPS of $0.73, more than double its $0.33 result last year. Even as top-line growth remains elusive for GameStop, it's demonstrating resilience and some fundamental strength. GameStop's Bitcoin strategy What makes GameStop particularly interesting as a potential investment now is its well-capitalized balance sheet. It ended last quarter with $6.4 billion in cash -- a significant amount relative to its $9.9 billion current market capitalization. This liquidity will provide the company with both time and flexibility to pursue its strategic turnaround. Meanwhile, inspired by the success of Strategy (formerly known as MicroStrategy), which pioneered the conversion of corporate cash holdings into cryptocurrency, GameStop is moving in a similar direction. In May, the company acquired 4,710 Bitcoins for approximately $513 million -- about 8% of its cash position. The company has already doubled down on its commitment to Bitcoin, raising additional cash to fund further purchases through a recent private offering of $2.25 billion in 0% convertible senior notes. This debt and equity hybrid enables the company to effectively borrow money without paying interest. Investors will benefit from their ability to convert those notes into shares if GameStop's stock price surges, offering the potential for stock-like gains with lower risk. For equity shareholders, the upside potential is unlimited, assuming the Bitcoin strategy succeeds and enhances the market's perception of GameStop within the context of a broader corporate comeback. Reasons for caution As compelling as GameStop's newfound crypto ambition may seem, its increased debt burden and its new Bitcoin holdings shift the company's risk profile, adding a layer of complexity. The more Bitcoin it adds to its balance sheet, the more detached the stock price will become from the state of its retail business -- for better or worse. While some highly optimistic bulls have offered scenarios in which Bitcoin's price could climb to $1 million and beyond in the coming years, there's also the possibility that it could fall. Even a modest correction in Bitcoin's price to a level below GameStop's average cost basis could lock the company out of further financing as its unrealized losses mount. That would hinder the stock's recovery. My GameStop stock prediction While I acknowledge that the numerous uncertainties will likely keep shares of GameStop volatile, I'm cautiously bullish and believe the latest sell-off offers an attractive buy-the-dip opportunity. For investors who think Bitcoin's price will head higher and who are convinced that GameStop's retail transformation is just getting started, a small position in the stock could have its place in a diversified portfolio. My prediction is that GameStop's stock price will revisit its recent high above $35 within the next year. Should you invest $1,000 in GameStop right now? Before you buy stock in GameStop, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and GameStop wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $658,297!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $883,386!* Now, it's worth noting Stock Advisor 's total average return is992% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025
