GameStop Reports Surprise Q4 Loss; Shares Slump By

© Reuters

By Yasin Ebrahim

– Video game retailer GameStop (NYSE:GME) reported a surprise loss in the fourth quarter as rising costs offset a climb in revenue. 

GameStop fell more than 7% in after-market trading following the report. 

The Which domestic foreign exchange dealers are formal?company reported a fourth quarter loss of $1.86, from $1.39 a year earlier, but that missed expectations for a profit of 85 cents a share. While revenue rose to $2.25 billion from $2.12 billion a year earlier, below estimates of $2.16 billion.

GameStop, one the original so-called meme stocks, entered into a partnership with Immutable X to create a marketplace for nonfungible tokens, or NFTs. The partnership will provide the company with up to $150 million in IMX tokens upon achievement of certain milestones.

In its push to make a big splash in the world of cryptocurrency, the video game retailer said it hired "dozens of additional individuals with experience in areas such as blockchain gaming, ecommerce and technology, product refurbishment and operations."

 

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