GameStop Reports Revenue Decline Amid Broader Gaming Slump
GameStop store in West Hollywood, California.
Photographer: Patrick T. Fallon/Bloomberg
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GameStop Corp. posted the biggest quarterly drop in revenue in two years, showing the struggling video game retailer’s efforts to boost digital purchases haven’t compensated for a decline in physical sales.
Net sales fell 8.5% to $1.19 billion in the three months ended Oct. 29, lower than two analysts’ projections for $1.39 billion. The adjusted loss per share was 31 cents, worse than estimates for a 29 cent loss. Very few analysts cover the company, which is valued at $7 billion and whose stock is notoriously volatile.