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GameStop’s 10-Q form reveals that its crypto business wasn’t very impactful on its quarterly results.
GameStop (GME) recently shared its Q3 2022 earnings report to share with audiences and investors how it performed financially over the past period. In addition to its earnings report, GameStop also filed a 10-Q to the SEC for the previous quarter. This filing includes additional information not found in the actual earnings report, such as that GameStop Wallet and its NFT marketplace weren’t material to its quarterly results.
GameStop’s (GME) Q3 2022 10-Q filing to the SEC is available on the company’s investor relations site. It’s here that the retailer speaks to its GameStop Wallet and NFT marketplace.
During the second quarter of 2022, we launched beta versions of a non-custodial digital asset wallet and a peer-to-peer non-fungible token (“NFT”) marketplace that will enable purchases, sales, and trades of NFTs. Revenues earned related to our NFT digital asset wallet and marketplace are recognized in net sales in our Condensed Consolidated Statement of Operations. Revenues earned from our digital asset wallet and NFT marketplace were not material to the condensed consolidated financial statements for the three and nine months ended October 29, 2022.
It’s an interesting tidbit of information to say the least. GameStop has clearly invested a lot of its resources into planting its flag in the crypto and NFT world, but it doesn’t seem like that part of its business has yielded any major returns so far, not that that couldn’t change down the line. It’s also worth noting that during this quarter, GameStop announced its partnership with crypto exchange FTX, which went on to file for bankruptcy during Q4.
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Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom’s desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Star Wars nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_
Donovan Erskine posted a new article, GameStop (GME) Wallet and NFT marketplace revenues were not material to Q3 2022 results
