A GameStop location in New York, Dec. 23, 2021.
Scott Mlyn | CNBC
GameStop reported $1.38 billion in revenue in its fiscal first-quarter earnings report Wednesday, up slightly from the $1.27 billion it reported in the year-ago quarter.
But, it also reported a $157.9 million net loss, which is worse than the $66 million net loss in the year-ago quarter.
Here are the key numbers:
- Loss per share: $2.08, not comparable to estimates
- Revenue: $1.38 billion
Shares were up about half a percent in after-hours trading.
GameStop generated $673.8 million in sales of hardware like game consoles and accessories, which amounted to 48.9% of all sales. That was down from $703.5 million in the year-ago quarter. It made $483.7 million on software, down from $397.9 million in the year-ago quarter, and $220.9 million on collectibles, up from $175.4 million in Q1 2021.
The company has not provided a financial outlook since the start of the pandemic. CEO Matt Furlong said in March that GameStop doesn’t “feel it’s prudent to provide guidance during the early stages of our transformation and with the current global backdrop.”
The company’s strength in collectibles this quarter compared to the previous year’s quarter may indicate why it’s leaning into non-fungible tokens (NFTs), which have become a new type of digital souvenir that users can collect and resell. NFTs are digital items or artwork that are tied to the blockchain so the original version can be authenticated.
The company has said it plans to launch an NFT marketplace by the end of the current quarter and it reiterated in Wednesday’s release its expected timeline. GameStop said it’s taken steps to support the recent launch of a digital asset wallet that will allow users to send a receive the tokens.
This story is developing. Check back for updates.
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