Grapevine-based GameStop Corp. reported mixed results in the second quarter but showed it’s leaning into a strategy shift toward nonfungible tokens by announcing a partnership with cryptocurrency exchange FTX US.
Net sales were $1.14 billion in the second quarter, the company said in a statement Wednesday. Analysts were expecting $1.28 billion. The company’s net loss nearly doubled to $108.7 million. GameStop hasn’t reported a quarterly profit since the end of 2021.
At the same time, GameStop said it will collaborate with FTX US, one of the biggest cryptocurrency exchanges, on new ecommerce and online marketing initiatives, and will begin carrying FTX gift cards in select stores. The financial terms of the partnership are not being disclosed. GameStop shares rose about 13% in extended trading.
Gamers are among the NFT industry’s biggest target audience. In June, the company launched a digital asset wallet to allow gamers to store, send and receive cryptocurrencies and NFTs, and in...
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