On Wednesday, GameStop (GME) submitted its Q2 2022 earnings report. While the company appears to be doing well from a financial standpoint, it should be interesting to note that none of its recent success appears to be stemming from the heavily touted NFT Marketplace.
The GameStop Q2 2022 earnings report issued by the company made mention of its NFT Marketplace, highlighting the digital GameStop Wallet feature and noting that it allows users to buy, sell, and trade NFTs. However, according to the SEC filing, none of this wound up contributing meaningfully to GameStop's bottom line for Q2 2022.
Here is the statement from the aforementioned SEC filing:
During the three months ended July 30, 2022, we launched beta versions of a non-custodial digital asset wallet and a peer-to-peer non-fungible token ("NFT") marketplace that will enable purchases, sales, and trades of NFTs. Revenues earned related to our NFT digital asset wallet and marketplace are recognized in net sales in our Condensed Consolidated Statement of Operations. Revenues earned from our digital asset wallet and NFT marketplace were not material to the condensed consolidated financial statements for the three and six months ended July 30, 2022.
As noted on the Q2 2022 earnings report, GameStop (GME) missed its revenue target of $1.27 billion USD, finishing the quarter with $1.14 billion earned. The earnings are largely attributed to collectibles. Revenue in that department increased dramatically to $223.2 million from $177.2 million in the previous quarter.
We'll be sure to keep monitoring news from Wednesday's GameStop (GME) earnings report. Come back to Shacknews for any further updates.
Ozzie Mejia posted a new article, GameStop Wallet and NFT Marketplace revenues were not material to Q2 2022 results
Pretty sure they could not have timed entering that market more poorly.