GameStop reported a significant increase in profit for its second quarter, driven largely by stronger sales in its collectibles category, and raised its full-year earnings forecast. The video game retailer posted a net income of $298.7 million, or 51 cents per share, for the quarter ended June 30, up from $168.6 million, or 31 cents per share, in the same period a year earlier. Adjusted earnings per share stood at 27 cents.

The company’s results aligned with its forecast issued in August, which included an estimated $238 million in net gains related to its investment in eBay. Earlier this year, GameStop’s Chief Executive Officer Ryan Cohen made an unsolicited bid to acquire eBay for approximately $56 billion, expressing confidence in transforming the e-commerce platform into a stronger rival to Amazon. eBay subsequently rejected the offer, but Cohen has indicated his intention to continue pursuing the acquisition.

GameStop’s total revenue for the quarter declined to $790.2 million from $972.2 million a year ago. The drop was primarily due to lower sales in its video games segment and the preowned and refurbished product division, which was partially offset by growth in collectibles. The company cited the absence of a major product launch—specifically, the Nintendo Switch 2 release, which had occurred in the prior-year quarter—as a key factor for the decrease. Additionally, store closures following the divestiture of its French operations contributed to the revenue decline.

Looking ahead, GameStop raised its full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance to exceed $650 million, up from its previous forecast of more than $600 million issued in June. This outlook reflects the company’s expectations for continued strength in collectibles sales and operational improvements despite challenges in other segments.