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GameStop falls short of Wall Street’s prediction in its quarterly results

GameStop Corporation, the world largest video game retailer has tumbled around 15 percentage of its predicted revenue after third-quarter fell down. The Company has disappointed from its predicted holiday profit, after the delay in the release of Assassin Creed Unity.gamestop-store

GameStop Corporation was based in Grapevine, Texas mentioned in a statement that, delay in release of Assassin’s Creed Unity, the sales were held back. After the release of new gaming consoles from Sony and Microsoft, the sales of older-generation hardware has reduced in sales than the expected rates. Assassin Creed Unity delayed for around two weeks and released in November 11, that approximately reduced the Company share by 5 cents per share.

Chief Executive Officer, Paul Raines mentioned this in a conference call with analysts,

“The shift of Assassins Creed impacted our quarter by 5 cents per share,” “My treatments have gone very well and I am blessed to say that I had excellent results on my follow-up visit to Duke and Baylor last week,”

Not only in the delay of Assassin Creed Unity, but also shrinking sales of older Xbox 360 and Playstation 3 models also becomes a factor for the loss in revenue for the company. Almost 58 percent of the sales were declining after the release of new consoles from the Microsoft Corporation and Sony Corporation.

GameStop Official said,

They were monitoring developments in labor talks between West Coast ports and longshoremen. A work slowdown stretching from San Diego to the Canadian border may affect hardware sales.

Analyst estimates that the revenue of GameStop will rise approximately 19 percentage in the fourth quarter, and the share of the company will rise from $2.08 per share to $2.24 per share. GameStop also mentioned that the store sales value will rise to 2 percent from the decline of 5 percent. Raines announced that he has returned to the full-time work after his surgery for removal of cancerous tumors in his brain.

Via ]

About John W Arthur

John is the head of our IT Security team and he writes about Security, IT news on The Next Digit. He was the Employee of the Year 2013 for his selfless support and efficiently setting up the whole security infrastructure. He also occasionally writes on "IT Sec Pro" Print Media of Sweden. All posts by John

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