Gamestop’s Crypto Bet Pays Off As Q1 Sales Rise

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.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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