GameStop posts mixed results and announces partnership with FTX

Shares of GameStop Corp. surged after announcing a partnership with cryptocurrency exchange FTX US, suggesting the video game retailer is making progress in its strategy shift to non-fungible tokens even after reporting missed second-quarter sales analysts’ estimates.

Net sales fell 4% to $1.14 billion in the three months ending July 30, the company said in a statement Wednesday. That’s below the average analyst forecast of $1.28 billion. The company’s net loss nearly doubled to $108.7 million, while the loss per share was 36 cents, compared to an average estimate of 34 cents. GameStop hasn’t reported quarterly earnings since the end of 2021.