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A GameStop storefront, Photo: Justin Sullivan/Getty Images

Video game retailer GameStop lost $105 million in its third quarter, ending Oct. 30, even as the company keeps promising more fruitful days ahead.

Why it matters: GameStop was a failing business, then a meme stock. It’s still unclear if it can be more than that.

  • During a call for investors, CEO Matt Furlong said the company was hiring 500 customer service reps, expanding what it sells to include more PC gaming and consumer electronics categories, and boosting its shipping speeds.
  • The company is also “exploring emerging opportunities in blockchain, NFT and Web 3.0.”
  • Furlong said the company focuses on being customer-first, but a recent Kotaku report indicated that many GameStop store workers say they’re overworked, understaffed and miserable.

Between the lines: For the third straight quarter, the company skipped concluding its earnings call with the traditional Q&A between executives and stock analysts.

  • Such sessions can often last 40 minutes or more, as analysts seek clarifications about a company’s business strategy.
  • But GameStop’s call was just an eight-minute reading of prepared remarks.
  • Its results did not include Black Friday, which tends to bring the peak interest in video game shopping each year.

Go deeper

Felix Salmon, author of Capital
Dec 14, 2021 - Economy & Business

The rise and fall of Peloton

Data: FactSet; Chart: Axios Visuals

The pandemic was fantastic for Peloton — at first.

Driving the news: Over the two years since the at-home fitness company's IPO, revenues have more than quadrupled, from $1 billion to $4 billion. The company was also a poster child for pandemic-era share prices going parabolic, with the stock rising 760% between mid-March 2020 and mid-January 2021. Then, it plunged.

Why 401(k) rollovers are so annoying

Illustration: Aïda Amer/Axios

If you happened to change jobs recently, you may have tried to transfer your retirement account from your former employer into an Individual Retirement Account or your new employer's 401(k) plan. If so, you probably encountered a bureaucratic gantlet — and you're not alone.

Why it matters: Kludgey processes around retirement account transfers result in people losing track of their funds, giving up important tax advantages, or otherwise disadvantaging themselves and being less prepared for retirement.

The hard math behind America's labor shortage

Data: Bureau of Labor Statistics, Congressional Budget Office; Chart: Axios Visuals

Yes, the pandemic has created unusual temporary labor market dynamics. But in the bigger picture, the 2010s were a golden age for companies seeking cheap labor. The 2020s are not.

The big picture: In the 2010s, the massive millennial generation was entering the workforce, the massive baby bo0m generation was still hard at work, and there was a multi-year hangover from the deep recession caused by the global financial crisis.