GameStop reported a wider-than-expected loss for its third quarter, as the video game retailer continues to focus on its transition into digital asset sales.
GameStop incurred an adjusted loss for the three months ending in October came in at -31 cents per share, compared to the Street consensus forecast of a -28 cents per share loss. Loss was -35 cents per share in the year-ago quarter.
Revenues slipped -8.5% year-over-year to $1.186 billion, below analysts' expectations of $1.355 billion.
GameStop has reduced its headcount in order to minimize the cash burn required to develop its non-fungible tokens, or NFT marketplace following a collaboration earlier this year with Australian blockchain startup ImmutableX