×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: gamestop | video game demand

GameStop Beats Estimates on Higher Video Game Demand

GameStop Beats Estimates on Higher Video Game Demand
(Getty Images)

Wednesday, 01 June 2022 04:51 PM EDT

GameStop Corp. reported first-quarter revenue that exceeded market expectations on Wednesday, as the video game retailer pivots toward a more online-focused model amid increasing competition from large retailers such as Walmart Inc and Amazon.com Inc .

Store closures during the COVID-19 pandemic affected GameStop's physical retail business, for which it is primarily known. The company has been bolstering its online sales capabilities as shopping trends towards e-commerce accelerated during the pandemic.

The company's shares soared 687% last year as it was at the center of a battle between retail investors coordinating on online forums and Wall Street hedge funds that had taken short positions in GameStop, in what is called a "short-squeeze."

Net sales were $1.38 billion in the quarter ended April 30, above analysts' average estimate of $1.32 billion, according to Refinitiv data.

Net loss widened to $157.9 million, or $2.08 per share, for the first quarter, from $66.8 million, or $1.01 per share, a year earlier.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
GameStop Corp. reported first-quarter revenue that exceeded market expectations on Wednesday, as the video game retailer pivots toward a more online-focused model amid increasing competition from large retailers such as Walmart Inc and Amazon.com Inc.
gamestop, video game demand
158
2022-51-01
Wednesday, 01 June 2022 04:51 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved