GameStop Posts Mixed Results, Announces Partnership With FTX
- Second-quarter sales missed estimates and net loss widened
- GameStop is pushing into nonfungible tokens in strategy shift
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GameStop Corp. shares were up on Thursday after the video game retailer announced a partnership with cryptocurrency exchange FTX US, suggesting the company is making strides in its strategy shift to nonfungible tokens. But analysts were still skeptical about the longterm growth prospects after the company reported a decline in sales and a wider loss in the second quarter.
GameStop said Wednesday it will collaborate with FTX US, one of the biggest cryptocurrency exchanges, on new e-commerce and online marketing initiatives, and will begin carrying FTX gift cards in select stores. The financial terms of the partnership weren’t disclosed. GameStop shares, which are down 35% this year, rose about 7% in premarket trading.