GameStop Corp GME shares are trading slightly lower Thursday after the company reported mixed financial results.
GameStop said first-quarter revenue increased 7.9% year-over-year to $1.38 billion, driven by new and expanded brand relationships. First-quarter revenue topped analyst estimates of $1.32 billion, according to data from Benzinga Pro.
The company reported a quarterly earnings loss of $2.08 per share, which missed the estimate for a loss of $1.45 per share.
GameStop said it ended the quarter with inventory of $917.6 million, up from $570.9 million in the prior year's quarter. Cash and cash equivalents totaled $1.035 billion.
The company said it expects to launch the GameStop NFT marketplace in the second quarter, as it continues to hire individuals with experience in areas such as blockchain gaming, ecommerce and technology.
Related Link: GameStop Q1 Earnings: Revenue Beat, EPS Miss, NFT Marketplace Update And More
GME Price Action: GameStop has traded between $77.58 and $344.66 over a 52-week period.
The stock was down 2% at $118.90 at press time.
Photo: JJBers from Flickr.
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