GameStop posted net sales of $1.29 billion in Q3 2021, up from $1 billion for the same period last year.
The video game retailer attributed the increase in sales to new and expanded brand partnerships that include deals with Samsung, LG, Razer, Vizio, and others.
Despite the revenue growth, GameStop posted a net loss of $105.4 million during the quarter, a significant increase from a loss of $18.8 million in Q3 2020.
Shares of the company fell more than 7% on Thursday following the release of its Q3 earnings and a subpoena issued by the SEC regarding trading activity.
A Year Full of Change
GameStop continues to make significant moves and overhaul its business.
- In June, the company raised $1.13 billion to expedite its pivot toward e-commerce through an at-the-market offering.
- The same month, it appointed a new regime of leadership — including a revamped executive team and board of directors.
- It is hiring to build an Ethereum-based NFT platform.
- The company is reportedly in talks with fellow meme stock company AMC on a potential partnership.
GameStop reported $669.9 million in hardware sales in Q3 2021, up from $413.4 million in Q3 2020, despite the semiconductor shortage and supply chain issues plaguing the tech industry. Software sales reached $434.5 million in Q3, down from $444.4 million a year prior.