GameStop Sales Beat Estimates With Shift to Crypto and NFTs

GameStop Corp. reported mixed results in the first quarter as the gaming retailer shifts to cryptocurrencies and nonfungible tokens.

Net sales rose 8% to $1.38 billion in the three months ended April 30, the company reported in a statement on Wednesday, better than the $1.33 billion analysts estimated. But the company also reported its net loss more than doubled to $157.9 million. The adjusted loss of $2.08 per share, missed analysts’ average estimate for a loss of $1.16, according to data compiled by Bloomberg. Shares initially rose as much as 9% in extended trading before giving up those gains.