GameStop Posts Drastic Sales Decrease Following Rash of Layoffs

Video game retail chain GameStop reported its earnings for the second fiscal quarter of 2019 on Tuesday and the results were bleak.

The company saw a decrease in global sales of over 14 percent, coming in at $1.3 billion total for the period. Meanwhile, GameStop's GAAP net income was a loss of $415.3 million, a significantly larger downturn year-over-year from 2018, which also reported a loss of $24.9 million over the same fiscal quarter.The company's current fiscal woes are no new surprise. In August, GameStop Corp

, roughly 14 percent of the company's total associate base at its headquarters in Grapevine, Texas, as well as some other offices in various areas.

"This is a compelling new strategic vision for the company, and we’ve already started to execute against all four pillars," said Sherman. "We also remain committed to returning capital to shareholders and balancing that opportunity against the need to maintain a strong balance sheet to properly run our business and invest in responsible growth."

Shares in GameStop Corp. took a major dive in after-markets trading following the company's latest filing, down over 18 percent to less than $4.30 a share.

I just hope there's an auction for their assets, and gamers everywhere unite to low ball the fuck out of it.

If you're still invested in $GME at this point maybe the stock market ain't for you. OTOH if your kids are bad this year buy them some GameStop stock for Christmas.

Another bad quarter for GameStop. Shares -16% after hours. Hedge funds still short this name. Selling games in a store is going away. Sales down big, losses and layoffs. Stock now -75%+ in the last year. More pain for $GME investors. Ugly chart below: GamingNews stocks

Did they lay off the sales team?

I'll buy em for 3.50

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

14 Of The Best Dog Posts From This Week14 Dog Posts From This Week That We Really Need Right Now
Source: BuzzFeed - 🏆 730. / 51 Read more »

Man catches record-breaking 14-foot alligator“We'll have it 'life-size' mounted. I guess I'll have to build a house around it. It's going to be a monster laying on the living room floor for a while.' and trump will not allot it 👎🏻 So cool, found magnificent creature....and murdered it 🙈
Source: ABC - 🏆 471. / 51 Read more »

The 14 Prettiest Nail-Color Trends for FallTime for darker, moodier manicures.
Source: Allure_magazine - 🏆 473. / 51 Read more »

Man dressed as Elmo arrested for allegedly groping a 14-year-old tourist in Times Square'We've been tracking a growing number of complaints about people being touched without consent, not only in a sexual way,' said Timothy Tompkins, president of the Times Square Alliance, after the arrest. Who woulda thought that a person dressed in a rip off Elmo costume would be creepy? I wouldn’t expect anything less from a grown man dressed as Elmo I guess it's safe to Assume that this was a, 'Tickle me Elmo'. I blame Sesame Street...:-)...
Source: Newsweek - 🏆 468. / 52 Read more »

14 of the Most Tragic Lana Del Rey SongsA comprehensive list of LanaDelRey's 14 greatest sad-girl songs. LanaDelRey ❤️ LanaDelRey Old money not on this list, ye ok bye LanaDelRey I thought if any publication was gonna recognize 'Art Deco' it'd be Vogue.
Source: voguemagazine - 🏆 715. / 51 Read more »

The Latest: Boris Johnson to suspend Parliament til Oct. 14LONDON (AP) — The Latest on Brexit (all times local): 11:40 a.m. Prime Minister Boris Johnson's government has confirmed it will suspend the U.K. Parliament later Monday until Oct.... How could this possibly backfire Cool, can the rest of us stop working too and still get paid Good, grab the bull by the horns and get that brexit vote through.
Source: AP - 🏆 728. / 51 Read more »