GameStop Revenue Drops, Stock Plummets - News
by William D'Angelo , posted on 20 November 2014 / 5,172 ViewsGameStop has released its quarterly report for the third quarter. Revenue dropped 0.7 percent to $2.09 billion, from $2.11 billion. Hardware sales grew 147.4 percent year-over-year, due to the PlayStation 4 and Xbox One.
However, revenue is below Wall Street's estimates of $2.2 billion. GameStop stock has dropped 13 percent to $38.76 since the earnings announcement, according to GamesBeat.
"Overall, most of our major product categories performed very well," said GameStop CEO Paul Raines said. "But our third-quarter results were impacted by Assassin’s Creed: Unity moving out of October."
"As we look at the holiday quarter, we are focused on relentlessly applying our competitive advantages," added Raines. "[That includes] convenience, strong [consumer relationships], knowledgeable associates, and value through our unique forms of currency, which include buy-sell-trade and the new PowerUp Rewards credit card, to deliver a successful quarter."
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A life-long and avid gamer, William D'Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel dedicated to gaming Let's Plays and tutorials. Outside, in the real world, he has a passion for the outdoors which includes everything from hiking to having received his B.A. in Environmental Studies. You can contact the author at wdangelo@vgchartz.com or on Twitter @TrunksWD.
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Because people realize Best Buy is a better option. You scan our fucking fingers to trade in a game, go fuck yourselves.
GameStop is a rip off plain and simple
I've been going to so many different stores then GS. GS is great for very specific deals but when you're looking for really good deals on new games, other stores tend to offer much better incentives.
Make their games cheaper instead of 75 euros to buy and I might consider buying from them again. Until then I can buy retail games for 20% cheaper on the internet after delivery rates.
heaps more people moving with the times and going digital only, what did you expect??
Goddamn ubisoft transgressions know no bounds
rip gamestop
With my PS2 and Original Xbox I bought all consoles, games (new and used), and accessories mostly from Gamestop (EBGames). With the Xbox360 and PS3 I bought most consoles, games (new and used), and accessories from Gamestop/Amazon/Bestbuy. However, a lot of XBL games and all DLC were purchased directly off the console. With the XboxOne I bought it direct from MS including all the accessories and all games and DLC are bought online and downloaded. Nothing has been purchased through Gamestop and if I was to purchase anything from a local retailer it could be from many sources.
This trend of purchasing everything online is increasing and it's not just Gamestop that is feeling this. They know their days are numbered and the billion dollar question is can they change their business model in time before their business is marginalized.
This is what they get for selling me a copy of Wonderful 101 that doesn't work AND didn't have the box
Good, they deserve it for all the "extra shit" they consistently tell me to get.. No, for the 100th time, I do not want cover for my wiiU or extra protection for my games or a condom for my wii motes
condoms are a good thing.
I feel like people just hate GameStop because they are the top in their market place. They sell games, you get the games, WHAT IS THE PROBLEM?
the constant upselling, It happens to me at both Gamestops I go to. NON-STOP, Drives me nutz. However I'm starting to take my business to bestbuy lately.
It's just gonna shoot back up next week.
perfect time to buy stocks...