After the U.S. stock market closed on Wednesday, $GameStop (GME.US) $ announced its financial results for the first quarter of fiscal 2022. According to the financial report, the company’s Q1 net sales were US$1.378 billion, which was better than market expectations of US$1.32 billion, and US$1.277 billion in the same period last year, a year-on-year increase of 7.8%; net loss was US$158 million, compared with US$66.8 million in the same period last year. .
Basic loss per share and loss per diluted share were both $2.08, missing market expectations of a loss per share of $1.22 and a loss of $1.01 a year earlier.
By business, hardware and accessories sales were $674 million, compared to $704 million a year earlier; software sales were $484 million, compared to $398 million a year earlier; collectibles sales were $221 million, compared to $221 million a year earlier $175 million.
Notably, the company’s Q1 selling and administrative expenses rose 22% year over year to $452 million; inventory was $918 million, up from $571 million at the end of the previous quarter, and higher inventory levels are believed to reflect the company’s Continued focus on raising inventory levels to meet increased customer demand and offset supply chain headwinds.
Additionally, the company reiterated that it will launch its NFT business in the second quarter of fiscal 2022.
After the financial report was released, as of press time, Game Station rose by nearly 1% after the market, after rising by about 8% at one point.
Editor/Viola
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