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GameStop reports $158 million loss and decline in hardware sales

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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, from a $66 million net loss in the year-ago quarter.

Here are the key numbers:

Loss per share: $2.08, not comparable to estimatesRevenue: $1.38 billion

Shares were up more than 4% in after-hours trading.

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 has said it plans to launch a non-fungible token (NFT) marketplace by the end of the current quarter and it reiterated in Wednesday’s release its expected timeline. Non-fungible tokens are digital items or artwork that are tied to the blockchain so the original version can be authenticated. 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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