Business

GameStop (GME) Q2 2022 earnings


SAN RAFAEL, CALIFORNIA – DECEMBER 08: Customers enter a GameStop store on December 8, 2021 in San Rafael, California. Video game retailer GameStop will report third-quarter earnings today after the closing bell. (Photo by Justin Sullivan / Getty Images)

Justin Sullivan | Getty Images News | beautiful pictures

GameStop said on Wednesday that quarterly sales fell and losses grew, driven by more and more video game equipment inventory.

The company also revealed a new partnership with the FTX cryptocurrency exchange.

The company’s shares were up more than 10% in after-hours trading.

Here’s how the company did for the second fiscal quarter ending July 30:

  • Loss: $108.7 million, not comparable to estimates
  • Revenue: 1.14 billion USD

GameStop’s results cannot be compared with estimates because too few analysts cover the company.

The company did not provide a prospect. It has not provided guidance since the start of the pandemic.

The brick-and-mortar video game retailer is trying to adapt its business to the digital world. It has new leadership, including board chairman Ryan Cohen, the founder Tough and former investor of activist for Outdoor shower bedand its CEO Matt Furlong, a Amazon veteran.

But GameStop has struggled to drive profits, leading to cost cuts and a change in leadership. Last month, the company fired its chief financial officer Mike Recupero and lay off employees between departments. Chief Accountant Diana Jajeh took over as the company’s new Chief Financial Officer.

It was looking for new ways to make money, including non-edible tokens. It launched the NFT market in July, which one is Open to the public for beta testing. It allows users to connect their own digital asset wallets, including the recently launched GameStop Wallet, so they can buy, sell, and trade NFTs for virtual goods.

GameStop, which has become a meme stock, has seen dramatic fluctuations in the value of its stock. Over the past year, the stock has ranged from $19.39 to $63.92. The company’s shares are down about 36% so far this year, bringing the company’s value to $7.31 billion.

This is an evolving story. Check for updates again.



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