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Video game retail company GameStop released its financial results for the three months ended July 29, 2023.
Here’s what you need to know:
The Numbers
- Net Sales: $1.164 billion, up 2% year-on-year
- Net loss: $2.8 million, compared to a loss of $108.7 million in Q2 2022
- Hardware and accessories net sales: $597 million, flat year-on-year
- Software net sales: $397 million, up 25% year-on-year
- Collectibles net sales: $170 million, down 24% year-on-year
The Highlights
GameStop did not have a post-earnings conference call and its earnings announcement offered little in the way of insight behind the numbers.
During the second quarter, GameStop’s hardware and accessories accounted for the lion’s share of its net sales, at 51%.
Software (both new and used) made up 34% of sales, while collectibles amounted to the remaining 14.6% of earnings.
The company’s blockchain push didn’t help out much during the quarter, as proceeds from the sale of digital assets dropped 96% year-over-year to $2.8 million.
In August, the firm announced that it would end the support of cryptocurrency wallets a year after it unveiled its NFT marketplace.
Gamestop continues to operate without a CEO or CFO as the company terminated CEO Matt Furlong in June and CFO Diana Saadeh-Jajeh announced her resignation the next month, with the company only naming an interim principal financial officer in her stead.
