GameStop collaborates with cryptocurrency exchange FTX and reports a smaller-than-expected loss

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Last Updated on September 8, 2022 by Bitfinsider

GameStop Corp’s shares rose 10% in extended trading on Wednesday after the video game retailer reported a smaller-than-expected quarterly loss and a partnership with FTX US to expand its presence in the cryptocurrency space.

As part of the partnership, the company will begin selling FTX gift cards in some of its stores. Financial terms of the partnership were not disclosed.

Earlier this year, GameStop launched a digital wallet that it claimed would enable transactions in a marketplace it is developing for gamers and others to buy, sell, and trade non-fungible tokens, or NFTs.

“The FTX partnership is unlikely to generate meaningful revenue or profit, but it sounds good,” said Wedbush analyst Michael Pachter.

Last year, GameStop’s stock soared as a result of a social media-fueled trading frenzy.

Since then, the company has overhauled its management in an effort to reverse years of stagnant sales, and it has been beefing up its e-commerce capabilities as online shopping increased during the pandemic.

According to Refinitiv IBES data, GameStop lost 35 cents per share on an adjusted basis in the second quarter, compared to estimates of a loss of 38 cents.

During the reported quarter, the company dismissed Chief Financial Officer Michael Recupero and announced a four-for-one stock split in an effort to rekindle retail interest in its shares.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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