Gamestop’s Crypto Bet Pays Off As Q1 Sales Riseadmin
As the Cryptocurrency industry is evolving, many major companies chose to become a part of it. Corporations have managed to bag good revenue from this steam while it has also helped them to reach large audiences. The same has happened with GameStop Corp. as it reported an increase of 8% in its 1st quarter net sales.
Gamestop’s net sales stood at $1.37 billion
The company’s statement has reported net sales of over $1.37 billion for this quarter. The sales saw a good surge as 2021’s first quarter registered a net sales of $1.277 billion. This has been made possible due company’s new brand relationship. Meanwhile, the statement has recorded a net loss of over $157.99 million. It is much worse than the $66 million net loss reported for the last year’s first quarter.
It is important to note that Video game retailer has reported a massive cash flow of $76.9 million from the sale of digital assets. However, around $10.8 million were spent on capital expenditures by the company. In February, GameStop went on to sell the IMX tokens which it received as a part of a deal with Immutable. Meanwhile, a negative cash flow of over $236 million has been reported for the quarter.
Company to add new wallet extension
The Corporation stated that they have ended the period with $1.035 billion of cash and cash equivalents. Earlier, in May Gamestop launched its digital asset wallet. This allowed gamers and other users to store, send, receive and use digital assets across Dapps. The company added that the wallet extension will be launched in the second quarter of this year. This addition will enable the transactions on GameStop’s NFT marketplace.
GameStop added that its inventory stood at $ $917.6 million at the close of this quarter. Whereas last year’s first quarter stats stood over $570 million. This shows that the company is focusing on improving its stock levels. The report mentions that the company is actively hiring experienced individuals from the field of blockchain gaming, e-commerce and technology.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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