By Sam Boughedda
Investing.com -- GameStop Corp (NYSE:GME) shares fell 8% Friday after the company reported its fourth-quarter earnings, swinging to an unexpected loss.
Furthermore, the video game retailer also did not provide financial guidance.
GameStop reported a loss per share of $1.86 in the quarter, way below analyst expectations for earnings per share of $0.84.
The company, which generated net sales of $2.25 billion for the quarter, said its work establishing and expanding brand relationships contributed to sales growth in the quarter.
With GameStop looking for new ways to generate revenue, it revealed that its previously announced NFT marketplace will be launched by the end of the second quarter.
For its NFT marketplace, the company partnered with Immutable X to support the development and provide it with up to $150 million in IMX tokens.
PowerUp Rewards Pro, the company's membership program, saw members rise by 32% on a year-over-year basis, taking total membership to approximately 5.8 million.
In its earnings call, GME said it is still in the early part of transitioning to a “customer-obsessed technology company.”
Despite falling 8% after the release, GameStop shares have regained those losses and more in early Friday trading, currently up 3.7%.