GameStop spent much of its fiscal second quarter pivoting toward e-commerce, inching toward profitability in the process.
The video game retailer earned $1.18 billion in the 13 weeks ending July 31, up 25.6% year-over-year, but down 7.8% from last quarter’s $1.28 billion.
- GameStop lost $61.6 million in the quarter, compared to a $111.3 million loss in the same period last year, and a $66.8 million hit in Q1.
- The game retailer, which became synonymous with the meme stock craze earlier this year, is reportedly in talks with fellow meme stock company AMC on a potential partnership. GameStop and AMC’s stock prices are up 957% and 2259% respectively since the start of the year.
- GameStop raised $1.13 billion in June to help fuel its e-commerce pivot.
New chairman Ryan Cohen is looking to make the video game retailer the “Amazon of gaming,” and has added several former Amazon executives to key roles. GameStop is also hiring developers to build an NFT platform.
The company said that the Securities and Exchange Commission had requested documents related to its trading activity, but the probe was not expected to negatively impact revenue or operations.
