GameStop Corp. (NYSE: GME) reported a wider net loss for the first quarter of 2022. Meanwhile, the gaming company’s sales increased 8% and topped analysts’ expectations.
The company reported a net loss of $157.9 million or $2.08 per share for the latest quarter, on an unadjusted basis, compared to a loss of $66.8 million or $1.01 per share in the same period of last year. The adjusted loss was $2.08 per share, compared to a loss of $0.45 per share in the prior-year quarter.
At $1.38 billion, first-quarter net sales were up 8% from the year-ago period. The top line also exceeded analysts’ estimates.
Read management/analysts’ comments on GameStop’s Q1 2022 earnings
During the quarter, the management took steps to support the recent launch of a digital asset wallet to allow gamers and others to store, send, receive and use cryptocurrencies and non-fungible tokens across decentralized apps. The wallet extension will enable transactions on GameStop’s NFT marketplace upon its intended launch in the second quarter.