GameStop Corp ( GME ) reported fourth-quarter financial results after the market close on Tuesday. Here’s a rundown of the report.

Q4 Earnings: GameStop ( GME ) reported fourth-quarter revenue of $1.283 billion, missing the consensus estimate of $1.48 billion. The video game retailer reported fourth-quarter adjusted earnings of 30 cents per share, beating analyst estimates of eight cents per share, according to Benzinga Pro.

Total revenue was down about 28% on a year-over-year basis. Hardware and accessories revenue totaled $725.8 million in the quarter, Software revenue came in at $286.2 million and Collectibles revenue reached $270.6 million in the quarter.

GameStop ( GME ) reported fourth-quarter net income of $131.3 million, up from $63.1 million in the prior year’s quarter. The company ended the period with approximately $4.78 billion in cash, cash equivalents and marketable securities.

GameStop ( GME ) noted in the release that it will not be holding a conference call to discuss its quarterly results.

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In a separate press release, GameStop ( GME ) announced its board unanimously approved an update to investment policies to add Bitcoin (CRYPTO: BTC) as a treasury reserve asset.

GameStop ( GME ) shares soared last month following reports the company was considering adding Bitcoin and other crypto assets to its balance sheet. Shares appear to be moving higher after-hours in response to the company’s strategic move towards crypto.

GameStop ( GME ) previously made a push into the crypto space with the launch of wallets that let users manage crypto and non-fungible tokens (NFTs) and also provided access to GameStop's NFT marketplace. The company closed down the offering in 2023 due to “regulatory uncertainty.”

When GameStop ( GME ) reported third-quarter financial results in December, the company said it was freeing up CEO Ryan Cohen to bet on stocks in order to improve the company’s financial standing. GameStop ( GME ) did not provide an update on this initiative in its fourth-quarter release.

GME Price Action: GameStop ( GME ) shares were up 6.50% after-hours, trading at $27.05 at the time of publication Tuesday, according to Benzinga Pro.

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