GameStop cuts staff, including crypto engineers, as layoffs spread

Yahoo Finance Live anchors discuss reports that GameStop has laid off more staff.

Video transcript

[AUDIO LOGO]

JULIE HYMAN: And by the way, we also heard from GameStop-- or we didn't hear from GameStop, we heard from Axios, reporting that GameStop is starting to cut folks as well. They're looking at LinkedIn posts. They're talking to people from inside the company.

And it sounds like in particular, remember, GameStop was getting into crypto? Remember that whole thing? The blockchain wallet that we never got many details on. Well, now it sounds like that they're cutting some of the workers who were associated with that product.

BRIAN SOZZI: Well, let's also keeping GameStop is a dog of a company. PepsiCo is a best-in-class operator. So I would say the more red--

JULIE HYMAN: Yes, apples and oranges.

BRIAN SOZZI: Yes.

JULIE HYMAN: But just another example--

BRIAN SOZZI: Absolutely.

JULIE HYMAN: --of what's happening.

BRIAN SOZZI: And PepsiCo's reported cuts are probably the bigger red flag here because when you see a company like that with a lot of cash on its balance sheet cutting people, that's not good.

BRAD SMITH: No, certainly here. Well, we're taking a look at some of the companies that have had the most noteworthy layoffs thus far in 2022. We'll continue to track this, of course, here.