NeoGAFs Kent Brockman
Hardware accounts for half of retailer's business in Q3 as revenues rise 29% year-over-year
GameStop has released its financial results for the third quarter of 2021, reporting a mixed bag of net sales growth and substantial losses year-over-year.
For the three months ended October 30, the company reported net sales of $1.29 billion, a 29% increase on the $1 billion made during the same period in 2020.
Of the total, $669.9 million (51%) was generated by hardware sales, an increase on the $413.4 million in the same period last year.
Net losses for the quarter amounted to $105.4 million, a sizable increase on the $18.8 million reported in Q3 last year, but an improvement on the $111 million lost during Q2, 2021.
GameStop attributed the rise in sales to new and expanded brand relationships with various companies, including Samsung, Razer, LG and Vizio, among others.