“GameStop reports wider loss, announces partnership with crypto exchange FTX”
September 8, 2022
“GameStop said Wednesday that quarterly sales declined and losses widened, as it burned through cash and inventory swelled.
The video game retailer also disclosed a new partnership with crypto exchange FTX. Shares of the company rose more than 6% in premarket trading Thursday.
In the second fiscal quarter ended July 30, the company’s total sales dropped to $1.14 billion from $1.18 billion in the year-ago period. Its losses widened to $108.7 million, or 36 cents per share, compared with a loss of $61.6 million, or 21 cents, a year prior…”
https://www.cnbc.com/2022/09/07/gamestop-gme-q2-2022-earnings.html
Gamestop is not a good long term investment. If you want it because it’s a meme stock that’s a different ball game. In the long term Gamestop will continue to lose value because as more and more video games become digital there’s no need to go to brick and mortar stores to purchase them.
It is possible for Gamestop to save themselves though. They need to make a spot for themselves in the digital space. That would save the company.