GameStop Begins New Round Of Layoffs, Reportedly Cuts Blockchain Team

GameStop Corp. (NYSE: GME), the meme stock phenomenon, has begun a new round of layoffs, according to reports and LinkedIn updates from former employees claiming to have been impacted.

Axios reports that a source has shared that the cuts heavily impact the team building the company’s blockchain wallet.

“Another big round of layoffs from GameStop currently in progress… E-commerce Product and Engineers… Lots of them,” a lead software engineer at the company also posted on Tuesday. 

“Unfortunately I was impacted by layoffs at GameStop today. I had a great time getting a deep dive into Ethereum and learning about many new things in the crypto space,” an iOS engineer in the company’s blockchain team also posted on LinkedIn.

It can be recalled that the company’s NFT marketplace, which was launched in July, ended up being a flop. Interestingly, GameStop launched its NFT marketplace in partnership with FTX.US, the US entity of the legendary failure that was Sam Bankman-Fried‘s FTX.

A former GameStop employee also said that the company’s transportation department was also heavily impacted.

The company last announced a round of layoffs in July. As of this writing, the company has yet to confirm the size of the layoffs or to release a statement on the matter, but the company’s quarterly earnings call is set for December 7. In September, the company reported a continuous decline in revenue.

GameStop last traded at US$23.39 on the NYSE.

Information for this briefing was found via Axios, LinkedIn, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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