GameStop Stock Plummets After A 27.5% Decrease In Holiday Sales

a 27.5% decrease in holiday sales to $1.8 billion, which sent its stock diving as much as 16%.

The decrease seems to have caught GameStop by surprise, as the company is now lowering its fiscal 2019 guidance from a decline in the high teens to between 19%-21%.This past fall and holiday season for gaming lacked anything close to the success of 2018's, which earned $725 million in three days of sales, and the period also saw a decrease in console sales given the impending release of the PlayStation 5 and Xbox Series X at the end of 2020.

The company shared some optimism: inventory should be down 26% year-over-year when it reports its annual earnings in March, with cash and liquidity around $900 million. Decreasing sales this past year has resulted in store closures and layoffs, including cutting 14% of its staff last August., a 25.7% decrease from the previous year, as well as a $83.4 million income loss.GameStop's CEO George Sherman: “We expected a challenging sales environment for the holiday season as our customers continue to delay purchases ahead of anticipated console launches in late 2020.

MattRyanPerez Good, they need to go the way of Blockbuster.

MattRyanPerez As someone who used to be an assistant manager, I'm not surprised...

MattRyanPerez $GME

Games MattRyanPerez Buy a remote from GameStop. Get the warranty. Enjoy endless replacements.

MattRyanPerez We just download games

MattRyanPerez Its going bye

MattRyanPerez They should consult the artistsontwitter, they will recommend charging more and gentrifying it out wazoo

MattRyanPerez Blockbuster 2.0

Big oof

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