GameStop posts 9.4% fall in third-quarter revenue
Add BT as a preferred source
GAMESTOP posted a 9.4 per cent fall in quarterly revenue on Wednesday (Dec 7) as consumers cut back spending on discretionary items amid stubbornly high inflation.
The company launched a digital wallet earlier this year to enable transactions in a marketplace it is building for gamers and others to buy, sell and trade non-fungible tokens, or NFTs.
However, with crypto winter setting in and the value of cryptocurrencies plummeting, GameStop’s digital wallet ambitions face a bleak future.
Gaming companies are also facing a slowdown in demand for video games from pandemic highs, raising doubts about their ability to weather an economic downturn next year.
GameStop’s revenue in the third quarter fell to US$1.19 billion from US$1.30 billion a year earlier.
The company reported a net loss of US$94.7 million, or 31 US cents per share, in the quarter that ended Oct 29, compared with a loss of US$105.4 million, or 35 US cents per share, a year earlier. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
