GameStop Corp. (NYSE:GME) Q1 2022 Results Conference Call June 1, 2022 5:00 PM ET
Company Participants
Matt Furlong - Chief Executive Officer
Operator
Greetings, and welcome to the GameStop First Quarter 2022 Earnings Call. [Operator Instructions]
It is now my pleasure to introduce your host, Matt Furlong, CEO. Thank you, Matt. You may begin.
Matt Furlong
Thank you, and good afternoon. We appreciate all of our stockholders’ continued passion and support. The enthusiasm remains a differentiator and an extra motivator for all of us at GameStop. We don't take it for granted and never will.
Before going over this past quarter's initiatives and results, I also want to once again thank our team for continuing to bring strong focus and intensity to our mission. Change is continuing to be embraced across our stores, fulfillment centers and offices. A constant emphasis on the customer is taking hold up and down the organization. This will remain key as we pursue sustained sales growth, establish broader offerings in consumer electronics and launch new products aligned to the long-term future of gaming.
During Q1, we specifically focused on two main areas: continuing to rebuild and strengthen our commerce business after years of underinvestment, and pursuing growth opportunities in the cryptocurrency, NFT and Web3 gaming verticals, all of which we expect to be increasingly relevant for gamers of the future.
With respect to our commerce business, we kept working to pragmatically expand product selection, improve delivery speeds and strengthen the in-store and online shopping experience. We also made additional investments in our assortment, infrastructure, technology and talent. Our sizable Q1 investments should help us round out our rebuild cycle.
With regard to new offerings geared to the future of gaming, our blockchain team continued to drive progress when it comes to advancing new products, deepening partnerships and establishing GameStop's presence in digital asset communities. And output of these efforts was last month's launch of the GameStop Wallet, a digital asset wallet that allows gamers and others to store, send, receive and use cryptocurrencies and NFTs across decentralized apps. The wallet, which has significant downloads and a 5-star rating in the Chrome store, will enable transactions on our new NFT marketplace when it launches in the second quarter.
We firmly believe that digital assets are core to the future of gaming. Taken together, we believe these investments and initiatives prioritized over the past quarter are positioning us to become a more diversified and technology-centric business.