Video game retailer GameStop Corp (NYSE:GME) reported fourth-quarter and full fiscal year earnings after the market close Thursday. Here's what investors need to know.
What Happened: GameStop reported net sales of $2.25 billion in the fourth quarter, compared to $2.12 billion in the prior year’s period. The total beat a Street estimate of $2.22 billion, according to Benzinga Pro.
An adjusted earnings loss of $1.86 per share was down sharply from positive $1.34 in the same period last year.
The company announced it launched new and extended partnerships with companies including Alienware, Corsair Gaming Inc (NASDAQ:CRSR) and Lenovo that boosted sales growth in the fourth quarter. A highlighted item in the financial report was the expansion of consumer electronics, PC gaming equipment and refurbished hardware in stores and online.
PowerUp Rewards Pro membership was up 32% year-over-year, with GameStop ending the full year with 5.8 million members.
In the full fiscal year, GameStop had sales of $6.01 billion, up from $5.09 billion in the previous full fiscal year.
GameStop ended the fiscal year with $1.27 billion in cash and cash equivalents.
Related Link: GameStop Q3 Earnings Takeaways: Revenue Up 29% YOY, Inventory Ramp, SEC Subpoena And More
What’s Next: GameStop said its non-fungible token marketplace will be launched by the end of the second quarter in fiscal 2022.
The marketplace is being launched in partnership with Immutable X (CRYPTO: IMX).
GME Price Action: GameStop shares are down 7.49% to $81.13 in after-hours trading. Shares have traded between $77.58 and $344.66 over the last year.
