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Nintendo's Switch 2 (OTCPK:NTDOY) is now its fastest-selling console. (00:21) Dave & Buster's (PLAY) signals continued same-store sales improvement with focus on back-to-basics strategy. (01:13) GameStop (GME) reports $6B+ in cash, no new Bitcoin purchases since the last update. (02:12)
This is an abridged transcript.
The Nintendo Switch 2 has become the company's (OTCPK:NTDOY) fastest-selling gaming device, with more than 3.5M units sold worldwide in the first four days since its launch last week.
Nintendo (OTCPK:NTDOY) last month said it expects to sell 15M Switch 2 units this fiscal year. "We set this figure with the aim of reaching the same level of sales we achieved with Switch in the roughly 10-month period between its launch in March 2017 and December that year," its president Shuntaro Furukawa said.
The Switch 2 console is priced relatively higher than its predecessor Switch, with a price tag of $449.99. The original sold for $299. Nintendo (OTCPK:NTDOY) has sold over 152M Switch units since the console was launched in 2017.
Shares of Dave & Buster's fell 8% in immediate reaction to its first-quarter results after the bell on Tuesday but this morning PLAY is up 6.5% in premarket action.
The restaurant and entertainment company reported a marginal top-line beat, a wide bottom-line miss, and an 8.3% decline in comparable sales.
The company said it opened two new stores, relocated one store, and completed remodels of 13 stores during Q1.
"While performance in the first quarter was nowhere close to where we want and expect to be, our back-to-basics strategy is working and is driving a material recovery in our top-line trajectory," interim CEO Kevin Sheehan said in a statement.
"The leadership team and our board are as confident as ever that our current actions will lead to significantly improved revenue, adjusted EBITDA, free cash flow and shareholder value in the months ahead," he added.
GameStop Corp. (NYSE:GME) is down 4.4% in premarket action after the company posted mixed FQ1 results, with revenue down 16.9% Y/Y despite swinging to a net income of $44.8M from a loss of $32.3M a year ago. EPS came in at $0.17, topping the $0.04 consensus and improving from a loss of $0.12 last year.
On the balance sheet, GameStop (NYSE:GME) ended the quarter with $6.4 billion in cash. The company announced on May 28 that it had purchased 4,710 Bitcoin but disclosed they haven’t added to it since then.
What’s Trending on Seeking Alpha:
JPMorgan Chase's Dimon sees chance that U.S. economic numbers will 'deteriorate soon'
U.S. and China agree on framework over trade disputes; leaders nod pending
Elon Musk regrets some of his posts about Donald Trump, says 'went too far'
Catalyst watch:
Rivian Automotive (RIVN), Dana (DAN), Aptiv (APTV), Mobileye (MBLY), SES AI (SES), and VinFast Auto (VFS) are some of the notable companies presenting at the Deutsche Bank Global Auto Industry Conference.
Target (TGT) will hold its annual shareholder meeting.
AT&T (T) will webcast a fireside chat with CFO Pascal Desroches at the 2025 Mizuho Technology Conference.
Nvidia (NVDA) will participate in Rosenblatt's 5th Annual Technology Summit: The Age of AI.
Now let’s take a look at the markets ahead of the opening bell. Dow, S&P and Nasdaq futures are in the red. Crude oil is up 1.2% at $65/barrel. Bitcoin is down 0.8% at $109,000. Gold is up 0.2% at $3,335.
The FTSE 100 is flat and the DAX is up 0.2%.
The biggest movers for the day premarket: GitLab (NASDAQ:GTLB) -13% - Shares fell after the DevOps company issued slightly underwhelming Q2 and full-year guidance.
On today’s economic calendar:
8:30 am CPI The consumer price index is expected to increase 0.2% M/M in May, the same pace of inflation as in April, according to the consensus of economists. On a year-over-year basis, that translates to a 2.5% increase, rising from 2.3% in the prior month.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
