GameStop stock

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.