• Loading stock data...
Sunday, June 23, 2024

GameStop Reports Underwhelming Results in Q2

  • GameStop reported a net loss of $108.7 million in Q2, up from $61.6 million in Q2 2021.
  • The company’s hardware and accessories segment generated $596.4 million in sales.
Mickey Welsh / Imagn

GameStop failed to meet expectations in its latest earnings report. 

The video game retailer posted net sales of $1.13 billion in Q2 2022 — missing Wall Street estimates of $1.3 billion and down from $1.18 billion for the same period last year. 

  • GameStop reported a net loss of $108.7 million in Q2, up from $61.6 million in Q2 2021.
  • Selling, general, and administrative expenses reached $387.5 million during the quarter.
  • The company’s hardware and accessories segment generated $596.4 million in sales.
  • Its software segment saw sales reach $316.4 million — making up 27.9% of total sales. 

GameStop, which has reported significant losses over the past calendar year, has made recent changes to its business to expedite profits. 

The Texas-based company launched a digital asset wallet in May that allows consumers to send, receive, and use cryptocurrencies and NFTs across decentralized apps. In July, GameStop launched its first NFT marketplace where members can buy, sell, and trade NFTs. 

The company saw its collectibles segment, which includes the NFT marketplace, generate $223.2 million in sales in Q2 2022, up from $177.2 million for the same period last year. 

Big Deal 

On Wednesday, GameStop announced that it has secured a deal with cryptocurrency exchange FTX. The two companies will collaborate on e-commerce and online marketing initiatives, which will include GameStop carrying FTX gift cards at select brick-and-mortar stores.

In January, FTX raised $400 million in Series C funding, valuing the company at $32 billion.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
Sponsored

How Duracell is Making Fans Fall in Love with F1 Racing

Nobody expected this household brand to become F1’s newest darling.
Sponsored

Major League Rugby’s Vision for American Rugby

How Major League Rugby is leading the Rugby renaissance in the U.S.

ESPN Narrowly Avoids Disaster on Hurricanes-Rangers Broadcast

The network briefly switched playoff games in crunch time of Canes-Rangers.
podcast thumbnail mobile
Front Office Sports Today

How Women’s Sports Media is Charting Its Own Path

0:00

Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.

Silver Lake to Take Endeavor Private, Ending Tough Stock Market Run

Private equity giant Silver Lake is set to acquire the remaining shares it didn’t already own.
Exterior of Nike Company Store
February 16, 2024

Nike to Lay Off 2% of Its Workforce in Cost-Savings Effort

The sportswear giant hinted at staff cuts in a December earnings call.
DraftKings
February 16, 2024

DraftKings Trends Toward the Black, Buys Lottery App

The sports gambling giant continues to narrow its losses.
Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
February 7, 2024

ESPN DTC to Debut by Fall 2025, but Streaming Alliance Hastens Market Entry

Date set for stand-alone version of network, but new joint venture will beat that by a year.
January 22, 2024

They Make Sports Balls—and They Could Be Worth Almost $9 Billion

Amer Sports looks to raise as much as $1.8 billion in the public markets.
A view of a FanDuel sportsbook location.
January 18, 2024

FanDuel Strengthens U.S. Dominance Ahead of NYSE Debut

Flutter posts strong financial results as NYSE shares are set to debut Jan. 29.
The swoosh logo at Nike Eugene.
September 28, 2023

Nike Misses Revenue Wall Street’s Projections, But Company’s Stock Soar

The company offset the shortfall by exceeding expectations in earnings per share.