GameStop reports 14% rise in quarterly revenue, unveils $2 billion share buyback

Videogame retailer GameStop posted a 14% rise in quarterly revenue on Tuesday, buoyed by strong collectibles demand, and said its board approved a new $2 billion share repurchase program.

The company has shifted focus from traditional hardware sales toward trading cards and collectibles as gamers move toward digital downloads and online purchases. Its shares jumped 7.4% in extended trading.

For the first quarter ended May 2, GameStop's net sales came in at $835.3 million, compared with $732.4 million a year ago.

The results come as the company presses ahead with its bid to acquire eBay after the e-commerce company rejected its unsolicited $56 billion offer last month.

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