gamestop corp reported firstquarter revenue that exceeded market expectations on wednesday as the video game retailer pivots toward a more onlinefocused model amid increasing competition from large retailers such as walmart inc and amazoncom inc store closures during the covid19 pandemic affected gamestops physical retail business for which it is primarily known the company has been bolstering its online sales capabilities as shopping trends towards ecommerce accelerated during the pandemic gamstop had in may launched its digital asset wallet to store send receive and use cryptocurrencies and nonfungible tokens nfts the wallet could also be use for transactions on gamestops nft marketplace expected to go live later this year advt wedbush analyst michael pachter called gamestops nft marketplace announcement nonsense saying it will have no nfts for sale and no customers and wallets they are providing will be empty pachter added there was no qa session in its earning calls for several quarters in a row and there was no opportunity to seek clarity on their nft marketplace product and strategy gamestop said its inventory in the quarter ended april 30 rose to 9176 million from 5709 million a year earlier amid higher customer demand and likelihood of supply chain disruptions sales of software and collectibles contributed to over 50 of total quarterly revenue for the first time since the third quarter of 2020 gamestops shares soared 687 last year as it was at the center of a battle between retail investors coordinating on online forums and wall street hedge funds that had taken short positions in the company in what is called a shortsqueeze the companys net sales were 138 billion in the quarter above analysts average estimate of 132 billion according to refinitiv data net loss for the company widened to 1579 million or 208 per share for the first quarter from 668 million or 101 per share a year earlier reuters published on jun 2 2022 at 0434 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app gamestop refinitiv gamestop corp revenue video games walmart ecommerce demand homenewsgamestop quarterly revenue beats estimates on higher demand for video games