GameStop Corp. reported Q1 revenue that beat market estimates as the video game retailer pivots toward a more online-focused model amid increasing competition from retailers.
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The company’s net sales were $1.38 billion in the quarter, above Refinitiv analysts’ estimates of $1.32 billion.
Net loss for the company expanded to $157.9 million, or $2.08 per share for Q1, from $66.8 million, or $1.01 per share, a year ago.
GameStop stated its inventory in the quarter increased to $917.6 million from $570.9 million a year ago amid higher customer demand and the possibility of supply chain disruptions.
Sales of software and collectibles contributed to more than 50% of total quarterly revenue for the first time since Q3 of 2020.
In the quarter, GameStop launched its digital asset wallet to store, send, receive and utilize cryptocurrencies and non-fungible tokens (NFTs).