On Wednesday, GameStop (GME) presented its earnings report for the second quarter of 2022. While the company appears to be doing well financially, it should be interesting to note that none of its recent success appears to stem from the touted NFT market. strongly.
The GameStop earnings report for the second quarter of 2022 The company released the NFT Marketplace, highlighting the GameStop Wallet digital feature and noting that it allows users to buy, sell and trade NFTs. However, according to SEC . depositNone of this contributed meaningfully to GameStop’s bottom line for the second quarter of 2022.
This is the statement from the SEC file mentioned above:
During the three months ending July 30, 2022, we launched beta versions of a trustless digital asset wallet and a peer-to-peer non-fungible token (“NFT”) marketplace that will enable purchases, sales and trades in NFTs. Revenue earned related to our digital asset portfolio and market in NFT in net sales is recognized in the condensed consolidated statement of operations. Revenue earned from the digital asset portfolio and the NFT market was not material to the condensed consolidated financial statements for the three and six months ended July 30, 2022.
As noted in its Q2 2022 earnings report, GameStop (GME) missed its $1.27 billion revenue target, ending the quarter with $1.14 billion. Earnings are largely attributable to collectibles. Revenue in this division increased significantly to $223.2 million from $177.2 million in the prior quarter.
We’ll be sure to follow the news from Wednesday’s GameStop Earnings (GME) report. Refer to Shacknews for any other updates.