GameStop Establishes an Alliance with FTX US

By promoting “FTX's digital asset community and marketplace,” the alliance hopes to lure more GameStop consumers to FTX's platform. GameStop will start releasing FTX gift certificates at a few of its outlets in addition to partnering with FTX on the implementation of e-commerce and digital marketing initiatives.

Even though GameStop announced an approximately 4% reduction in its net sales for the quarter to $1.14 billion, the company's shares increased nearly 12% to $26.84 per share in after-hours trading in response to the news.

As of July 30, the corporation announced a second quarterly profit of $1.14 billion. Comparatively to the same period last year, the net loss for the quarter was $108 million.

In accordance with the most recent earnings reports, the company's humiliating defeat was 35 cents per share on a cost basis, which was lower than the 38 cents per share average Wall Street analyst projection.

Despite having decreased net sales for the quarter, GameStop saw a surge in after-hours trading, climbing 11.06% to $26.48. This is due to the collaboration with FTX US.

In a recent GameStop quarterly report, Furlong remarked that the business has begun to concentrate on modernizing the brand and promoting growth. He said that the company had revamped its app, that its reward system had enticed newcomers, and that it had employed professionals with e-commerce and blockchain gaming backgrounds.

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