September was the second month of $GME’s third quarter, bringing a recovery in hardware spending and a release calendar that gave retailers more to work with than the overall content numbers suggest. For anyone new to following my work, these monthly reports cover the broader markets for the products and services GameStop offers. They are not estimates of GameStop’s monthly sales. I use this research alongside company filings and other data to build quarterly projections. I will post my initial projection for GameStop's earnings in 2 weeks after the quarter closes. Starting with Hardware, spending increased 12% year over year to $362M in September, bringing YTD spending to approximately $2.91B, down 9% from the same period in 2025. PlayStation 5 drove the improvement, with dollar sales increasing 43% and units increasing 22%. The platform led September in both measures and captured its largest share of hardware spending since May 2025. The recovery was concentrated in PlayStation rather than spread across the market. Total hardware units still declined 3%, with Switch 2 units down 14% and Xbox Series units down 27%. Xbox spending declined just 2%, as higher prices offset much of the drop in consoles sold. Marvel’s Wolverine (even though it received horrible review) helped give customers a reason to buy into PlayStation during the month. The PS5 exclusive led September’s software chart, while its limited edition yellow DualSense was the best selling accessory in both units and dollars. Accessory spending overall increased 10% to $218M, giving GameStop opportunities to sell more than the game itself when customers came in for the release. The used console market has become increasingly relevant since September ended. In October, GameStop raised listed prices for pre-owned PS5 Pro systems to $1,399.99, or $1,499.99 for configurations with a disc drive, as new inventory became difficult to find. Instead of offering the discount customers would normally expect from used hardware, those prices moved closer to the elevated listings appearing on secondary marketplaces. That pricing also gives GameStop more room to compete for trade-ins. Reported offers of $800 to $850, depending on the configuration, could encourage customers to bring consoles into stores rather than sell them privately. If GameStop can acquire and resell that inventory, it has another way to serve customers who cannot find a new system. There are limits to what we can conclude from the listings. A $1,400 asking price does not tell us how many consoles sold at that price, and the difference between a trade-in offer and the resale price is not profit. We thus do not have enough information to put a number on the increase in GameStop’s used-console volume. Still, September’s completed hardware sales and October’s pre-owned pricing are worth considering together. PlayStation had already returned to unit growth before the more extreme used prices appeared, giving us evidence of stronger demand alongside the later signs of scarce inventory. How much GameStop benefits will depend on its ability to keep systems in stock at prices customers are willing to pay. 1/3 🧵

Thanks to $GME and Ryan Cohen, $EBAY has shifted their focus to live commerce big time! They even said recently it is their fastest growing segment after they completely avoided it and let it rot for years while WhatNot ate their lunch. When GameStop first bought eBay stock it was in the $80 range. The stock has moved 50% since then. GameStop is now the largest shareholder of eBay.