GameStop reports fall in third-quarter revenue as consumers curb spending

(Reuters) -Videogame retailer GameStop (NYSE:GME ) reported a fall in third-quarter revenue on Tuesday, hit by a continued slump in spending at its brick-and-mortar stores as consumers shift to online platforms.

The company's third-quarter revenue fell 20% to $860 million in the third quarter, compared with $1.08 billion a year ago.

GameStop has been grappling with a slower turnaround of its main business as it struggles to ramp up sales of videogame hardware and collectibles, while facing stiff competition from online retail giants such as Amazon.com (NASDAQ:AMZN ) and eBay (NASDAQ:EBAY ).



It is also burdened by an uncertain macroeconomic environment as consumers cut back on discretionary spending owing to stubborn inflation and a slow recovery in the gaming market.

The company reported net income of $17.4 million in the third quarter, compared with a net loss of $3.1 million a year ago.

Source: Investing.com