GameStop Trims Losses After Store Closures, Layoffs, And More
GameStop posted a loss of $3.1 million for the past three months, which was far better than the $94.7 million it lost last year.
Video game retailer GameStop has released its latest earnings report, and the company is close to making money again. For the quarter that ended on October 28, GameStop said it posted a loss of $3.1 million, which was far better than the net loss of $94.7 million that the company achieved during the same period last year.
This was a slightly larger loss than the $2.9 million loss that GameStop recorded for the previous quarter.
For the newest quarter, GameStop's net sales came in at $1.078 billion, down from $1.186 billion during the same quarter last year. GameStop said it had cash and equivalents of $1.210 billion on hand, up from $1.195 billion last quarter.
GameStop made the majority of its money this past quarter from hardware sales, which came in at $579.4 million, down from $627 million last year. Software sales were $321.3 million, down from $352.1 million, and Collectibles revenue landed at $177.6 million, down from $207.3 million.
GameStop is known to make the most money during the all-important holiday quarter that's going on now thanks to Black Friday deals and the holiday shopping season in general. The retailer will release its next quarterly earnings report for the holiday period in early 2024, so check back later with GameSpot to see how the store performed during the holidays.
GameStop has trimmed its losses lately through a variety of measures, including store closures and layoffs. According to Kotaku, GameStop management recently informed staff that the company is cutting employee benefits and made changes to the warranty system.
In other news, GameStop's chairman, Ryan Cohen, recently made headlines for saying all consoles should have disc drives. GameStop, of course, is financially invested in physical media.
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