Welcome back to closing balance center news everyone. We
do have an earnings alert this time from Gamestop.
The beloved meme stock once was much higher than where
it trades now, but it's currently at$26.71 a
piece popping nearly 10% after hours did report results but
also announced a major partnership, which I do believe
is setting the stock higher for forming a partnership with
F. T. X. The crypto exchange,
you know it well, major backing obviously from Sam
Bank man free to billionaire other celebrities like tom brady
Gisele Bundchen as well. In terms of the partnership
with F. T. X. Those financial terms
not being disclosed, but Gamestop will be F.
T. X. Is preferred retail partner in the
United States. So that's what this partnership is about
. We will be following closely for any more details
about this that we might get in. The analysts
call the earnings call after hours and we'll give that
to you tomorrow to. But in terms of the
results themselves, let's take a look. The company
did report a loss of 35 cents a piece.
That wasn't as bad as the loss of 38 cents
that Wall Street had expected. Sales came in at
1.1 billion out of sales Estimate was 1.3 billion.
So sales actually did miss the mark a little bit
. Um 4% drop in quarterly sales as consumers cut
back on discretionary spending amid decades, high inflation.
Certainly we did see consumer spending really across the board
, not just for the gaming industry for instance,
Peter out a bit in the second quarter, retailers
, for instance, really ramped up inventory expecting supply
chain issues. Well, demand just was not there
to actually meet that inventory and demand obviously in game
stops case as well. Not necessarily there, but
still the stock cleaning the gains after hours, still
up close to double digits again on this partnership with
F t. X. As soon as we get
more details on the partnership with F T. X
, we will bring them to here on Cheddar News
Closing Bell.