Chairman Ryan Cohen did not speak during GameStop’s earnings call Wednesday night as the video game retailer released its second-quarter 2022 financial results.
During the earnings call, CEO Matt Furlong guided shareholders through the company’s second-quarter results. GameStop reported revenue of about $1.14 billion in the second quarter, down about 4% from the $1.18 billion reported in the second quarter of 2021.
Net losses increased approximately 76% to $108.7 million, from $61.6 million in the second quarter of last year.
Furlong stressed that the sale is attributable to collectibles, which he said GameStop “is planning”.[s] to grow over the long term,” grew in the second quarter, compared to $177.2 million the prior year. For the second quarter of 2022, that revenue was $223.2 million.
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Selling, general and administrative expenses were $387.5 million, a decrease from the first quarter of 2022, but a slight increase from the $378.9 reported in the second quarter of 2021.
GameStop reported $734.8 million in inventory, up 23% from the $596.4 million reported for the second quarter of 2021. That increase reflected the video game retailer’s “focus on maintaining sufficient inventory levels to meet the meet customer demand and offset the ongoing supply chain headwinds,” the company said in a press release.
During the earnings call, Furlong emphasized that GameStop is working to transform a brick-and-mortar retailer into a “more diversified and tech-focused business”. GameStop launched a non-fungible token marketplace in July. On Wednesday, it announced a partnership with cryptocurrency exchange FTX.
The recent fraud allegations against Cohen were not mentioned during the earnings call. Last month, GameStop chairman and the late Bed Bath & Beyond CFO Gustavo Arnal were both listed as defendants in a class-action lawsuit alleging they artificially inflated Bed Bath & Beyond’s stock value in a “pump and dump” scheme. .
Arnal died on September 2 when he fell from the 18th floor of the Jenga Tower skyscraper in downtown Manhattan. The New York City Medical Examiner’s Office ruled that Arnal’s death was a suicide.
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FOX Business contacted GameStop to request Cohen’s comment on the allegations. A spokesperson for Bed Bath & Beyond previously told FOX Business that it is in the early stages of reviewing the complaint but believes the claims are “baseless”.