GME

GameStop has been in the midst of a turnaround and posted its first quarterly profit for the first time in two years.

The company also [laid off staff](https://www.cnbc.com/2022/07/07/gamestop-cfo-is-leaving-the-company-retailer-announces-layoffs.html) and replaced its chief financial officer. That launch came amid chatter of a ["crypto winter"](https://www.cnbc.com/2022/07/14/why-the-2022-crypto-winter-is-unlike-previous-bear-markets.html) as cryptocurrencies experienced a widespread cooldown from their 2021 rallies. The companies had planned to collaborate on e-commerce marketing and GameStop was going to sell FTX gift cards in its stores. [NFT marketplace](https://www.cnbc.com/2022/07/11/gamestop-launches-nft-marketplace-as-it-hunts-for-growth-online.html) since July. The company is still hanging on to $682.9 million in inventory, which is down from $915 million a year ago, according to its fourth-quarter balance sheet. As part of its revival strategy, GameStop also has been trying to improve its cash balance. The retailer had been working to steer itself back to profitability, and got there in part by cutting costs. The video game retailer also posted a profit of $48.2 million, or 16 cents a share, compared to a loss of $147.5 million, or 49 cents, a year ago. Two months later, GameStop [tweeted](https://twitter.com/GameStop/status/1591177707123081232?s=20&t=lgIYuNxUmg2OK7xNEiVNZQ) that it would be "winding down" the partnership and refunding anyone who had purchased an FTX gift card in its stores. He said that GameStop is also considering bolstering its business with higher margin categories such as toys. 28](https://www.businesswire.com/news/home/20230321005956/en/), net sales dropped slightly to $2.23 billion from $2.25 billion in last year's fourth quarter. Its results can't be compared with Wall Street estimates because too few analysts cover the company.

Expectations were low but, as one of the first in the retail trading phenomenon that came to be called meme stocks, the retailer's earnings reports often draw ...

[Stock Market Today: Track Market Trends And The Best Stocks To Watch](https://www.investors.com/market-trend/stock-market-today/stock-market-today-market-trends-best-stocks-buy-watch/) [See Stocks On The List Of Leaders Near A Buy Point](https://www.investors.com/product/leaderboard/?artProdLink=Leaderboard) [Short-Term Trades Can Add Up To Big Profits. Analysts expected GameStop to report a loss of 13 cents per share on a 3.2% drop in revenue to $2.18 billion. But GameStop's console, accessories and video game sales struggled in 2022. Adjusted earnings leapt to 16 cents per share, vs. Net sales dipped 1.2% to $2.226 billion. Expectations were low but, as one of the first in the retail trading phenomenon that came to be called meme stocks, the retailer's earnings reports often draw unusual attention. But GameStop's physical collectible sales, such as Funko ( The holiday season is historically the video game retailer's best quarter. He pointed out that GameStop's non-fungible token marketplace launch has been underwhelming. IBD's SwingTrader Shows You How](https://www.investors.com/product/swingtrader/?artProdLink=Swingtrader) [Watch IBD's Investing Strategies Show For Actionable Market Insights](https://www.investors.com/how-to-invest/investing-strategies/) [GME Stock: Is GameStop Stock A Buy Or Sell Right Now?](https://www.investors.com/research/gamestop-gme-stock-buy-now/) GME stock surged in late trading. With physical video game sales dwindling, GameStop has reported losses in all but one of the past 11 quarters leading up to results Tuesday.

GameStop Corp. (GME) stock is down -26.07% over the last 12 months, and the average rating from Wall Street analysts is a Sell.

Over the past year the S&P 500 has fallen -10.55% while GME is down -26.07%. (GME) stock has gained 3.2% while the S&P 500 is higher by 0.99% as of 9:38 AM on Tuesday, Mar 21. (GME) stock is down -26.07% over the last 12 months, and the average rating from Wall Street analysts is a Sell.