Month: September 2022

GameStop Forms Partnership With US-Regulated Crypto Exchange FTX

Posted on by Joe Fonicello

GameStop has entered into yet another partnership with a premium cryptocurrency company.

GameStop Corp. today announced that it has entered into a partnership with FTX US.

The partnership is intended to introduce more GameStop customers to FTX’s community and its marketplaces for digital assets. In addition to collaborating with FTX on new e-commerce and online marketing initiatives, GameStop will begin carrying FTX gift cards in select stores.

During the term of the partnership, GameStop will be FTX’s preferred retail partner in the United States.

The financial terms of the partnership are not being disclosed.

What is FTX?

FTX Exchange is a leading centralized cryptocurrency exchange specializing in derivatives and leveraged products.

Founded in 2018 by MIT graduate and former Jane Street Capital international exchange-traded funds trader Sam Bankman-Fried, FTX offers a range of trading products, including derivatives, options, volatility products, and leveraged tokens.

FTX’s wide range of products and easy-to-use desktop and mobile trading apps draw crypto investors of all skill levels, from beginners to seasoned professionals or, in crypto jargon, from newbies to whales. The FTX platform offers a comprehensive range of order types, from basic market orders to more complex trailing stop orders.

FTX also provides spot markets in over 100 cryptocurrency trading pairs such as BTC/USDT, ETH/USDT, XRP/USDT, and its native token FTT/USDT.

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Sources: GameStop News Room

November 11, 2022 Editorial Update: GameStop is cutting ties with FTX after the crypto exchange filed for bankruptcy. GameStop announced the company would be providing refunds for FTX gift cards.

GameStop Reports Q2 2022 Financial Results

Posted on by Joe Fonicello

GameStop Corp. today released financial results on the company’s Investor Relations platform for the second quarter ended July 30, 2022.

The gaming retailer in the midst of transformation will also host an investor conference call at 5:00 pm ET to review the company’s financial results. This call and any supplemental information can be accessed at GameStop’s investor relations home page.

The Company’s Form 10-Q and supplemental information can be found at investor.GameStop.com

SECOND QUARTER OVERVIEW

Sales attributable to collectibles, which is a segment the Company intends to grow over the long-term, were $223.2 million for the quarter, compared to $177.2 million in the prior year’s second quarter.

Selling, general and administrative expenses were $387.5 million for the quarter, representing a sequential decline of 14.3% from the first quarter of 2022 and reflecting, in part, the Company’s focus on right-sizing costs following a period of significant investment in long-term initiatives.

Inventory was $734.8 million at the close of the quarter, compared to $596.4 million at the close of the prior year’s second quarter, reflecting the Company’s focus on maintaining adequate in-stock levels to meet customer demand and offset lingering supply chain headwinds.

Followed the launch of the Company’s digital wallet by launching the Company’s non-fungible token (“NFT”) marketplace to allow gamers, creators, collectors and others to buy, sell and trade NFTs.

Modernized and strengthened the Company’s systems through the implementation of SAP.

Ended the period with cash and cash equivalents of $908.9 million as well as no debt other than a low-interest, unsecured term loan associated with the French government’s response to COVID-19.

WEBCAST AND CONFERENCE CALL INFORMATION

The webcast with management is scheduled for September  7, 2022, at 5:00 p.m. ET to discuss the Company’s fourth quarter activities and financial results. This call, along with supplemental information, can also be accessed at GameStop’s Investor Relations. The phone number for the call is 877-451-6152 and the confirmation code is 13732487. This webcast will be archived for two months on GameStop’s investor relations website.

Source: GameStop Newsroom, Form 10-Q