GameStop Corp posted a 9.4 per cent fall in quarterly revenue on Wednesday 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.The company reported a net loss of $94.7 million, or 31 cents per share, in the quarter ended Oct. 29, compared with a loss of $105.4 million, or 35 cents per share, a year earlier.
Source: News Formal (newsformal.com)
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