GameStop Corp. reported a 14% increase in quarterly revenue and announced a $2 billion share buyback program, the video game retailer said in its latest earnings report.

The company's revenue growth comes as the gaming industry continues to navigate changing consumer preferences and market dynamics. GameStop has been working to transform its business model in recent years, moving beyond traditional brick-and-mortar game sales.

The $2 billion share repurchase program represents a significant capital allocation decision by the company's board of directors. Share buyback programs typically signal management's confidence in the company's future prospects and can provide value to existing shareholders by reducing the number of outstanding shares.

GameStop's quarterly performance and the buyback announcement come as the company continues its broader strategic transformation efforts. The retailer has been focusing on digital initiatives and expanding its product offerings beyond traditional video game sales.

The company's stock has been subject to significant volatility in recent years, particularly following the retail trading phenomenon that made GameStop a focal point of market attention in 2021.