GameStop Corp. shares GME dropped up to 10% in the extended session Thursday after the game retailer reported a surprise quarterly loss and announced its plans to create a marketplace for non-fungible tokens, or NFTs.
In February, GameStop, one of the emblematic meme stocks, said it would collaborate with the layer 2 system Immutable X to start its NFT ambitions. In its fiscal fourth-quarter earnings report, GameStop said that it would receive up to $150 million in Immutable X IMX tokens when specific goals of the partnership were met.
GameStop also said that in the fourth quarter, it employed hundreds of professionals with expertise in areas such as blockchain gaming, e-commerce, and technology.
Overall, the game retailer reported a fiscal Q4 loss of $1.94 per share vs. the average $0.85 gain as predicted by the three analysts surveyed by FactSet and Q4 sales of $2.25 billion vs. the analyst estimate of $2.16 billion.
GameStop’s stock dropped roughly 10% in after-hours trading on Thursday.