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GameStop Q1 Revenue Tops Estimates on Higher Demand for Video Games

GameStop at Carrollton Park

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.

Source: GameStop

GME up +0.74%, BBY down -0.31%, Pre-market trading

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).



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