GameStop hit hard by gaming’s down year
GameStop recently posted its biggest quarterly revenue drop in two years. This comes as the entire gaming industry has been facing a downward trend throughout 2022.
For the three-month period that ended on October 29th, GameStop saw net sales fall by 8.5% to $1.19 billion. This represents an almost $200 million drop-off when compared to quarterly projections from industry analysts. Additionally, the company’s adjusted loss per share was two cents higher than originally predicted.
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Overall, the third quarter was not kind to the video game space. Software sales fell 19% during this period. The hardware and accessories sector also saw a 6.4% decline in sales.
Over the last 12 months, GameStop’s stock has fluctuated greatly. However, it’s clear that the organization is trending down. The company’s stock went from $38.91 on December 13th, 2021 to $20.39 as of 11:30 AM EST on December 15th, 2022.
