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Videogame retailer GameStop’s fourth-qtr earnings miss estimates


(Reuters) – GameStop Corp, the world’s biggest retailer of videogame products, reported lower-than-expected quarterly earnings, hurt by fewer game releases and a drop in store traffic. Console gamers are also buying more games online. GameStop shares fell 6.4 percent to $36.47 in early trading. Revenue rose to $3.68 billion from $3.56 billion, helped mainly by demand for new game consoles from Sony Corp and Microsoft Corp. Analysts had expected earnings of $1.92 per share on revenue of $3.79 billion, according to Thomson Reuters I/B/E/S. The Grapevine, Texas-based company said in January that sales of games for older versions of Xbox and PlayStation consoles were sagging.

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MONDAY, JULY 23, 2018



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