Why GameStop Stock Is Trading Higher Today

Why GameStop Stock Is Trading Higher Today

GameStop Corp GME shares are trading higher Thursday morning after the company reported earnings results that came in above analyst estimates. The company also announced a partnership with FTX US.

GameStop reported second-quarter revenue of $1.136 billion, which was down from $1.183 billion year-over-year and missed average analyst estimates of $1.27 billion, according to Benzinga Pro.

GameStop reported a second-quarter loss of 35 cents per share, which beat average analyst estimates for a loss of 38 cents per share. 

Inventory totaled $734.8 million at the end of the quarter, reflecting the company's focus on keeping adequate in-stock levels to meet demand and offsetting lingering supply chain issues. GameStop ended the quarter with $908.9 million in cash and equivalents. 

GameStop also announced a partnership with cryptocurrency exchange FTX US. The partnership is intended to introduce more GameStop customers to FTX's community and digital assets. GameStop will also begin carrying FTX gift cards in select stores.

During the term of the partnership, GameStop will be FTX's preferred retail partner in the United States. Financial terms were not disclosed.

See Also: US Stocks Could Lose Momentum Thursday As Futures Trade Flat Ahead Of Powell Speech — Tesla, GameStop In Focus

GME Price Action: GameStop has a 52-week high of $63.92 and a 52-week low of $19.40.

The stock was up 5.2% at $25.29 at time of publication.

Photo: JJBers from Flickr.

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