GameStop posts 14% fall in quarterly revenue amid digital gaming shift
The Hindu
GameStop reported a 14% drop in fourth-quarter revenue on Tuesday, a sign that its struggling brick-and-mortar business continues to face immense pressure
GameStop reported a 14% drop in fourth-quarter revenue on Tuesday, a sign that its struggling brick-and-mortar business continues to face immense pressure from the video game industry’s shift to digital downloads and weaker consumer demand.
Grapevine, Texas-based GameStop has long struggled to adapt to the rapidly changing gaming industry as consumer preferences shift away from physical game purchases toward digital downloads, game streaming and online shopping.
Major publishers are increasingly prioritising digital sales and subscription services, bypassing physical retail channels entirely.
Total revenue for the holiday quarter ended January 31 came in at $1.10 billion, compared with $1.28 billion a year ago.
Under CEO Ryan Cohen’s leadership, GameStop has focused on cutting costs and streamlining operations to ensure the company’s profitability.
The CEO has said GameStop has shifted its strategy from reliance on hardware and software to a “significant” focus on trading cards and collectibles.
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