{"id":65735,"date":"2018-11-29T22:43:00","date_gmt":"2018-11-29T22:43:00","guid":{"rendered":"http:\/\/www.gamasutra.com\/view\/news\/331828"},"modified":"2018-11-29T22:43:00","modified_gmt":"2018-11-29T22:43:00","slug":"gamestop-reports-488-6-million-loss-despite-strong-software-sales","status":"publish","type":"post","link":"https:\/\/sickgaming.net\/blog\/2018\/11\/29\/gamestop-reports-488-6-million-loss-despite-strong-software-sales\/","title":{"rendered":"GameStop reports $488.6 million loss despite strong software sales"},"content":{"rendered":"<p>GameStop has released its financial results for the\u00a0third quarter ended\u00a0ended November 3, 2018, reporting an\u00a0adjusted\u00a0full-year earnings forecast to compensate\u00a0for &#8220;current sales and margins trends,&#8221; adding that\u00a0the new figures will include the\u00a0<a href=\"http:\/\/to adjust for\">planned sale of Spring Mobile.<\/a><\/p>\n<p>The company reported a net\u00a0loss of $488.6\u00a0million for the quarter, or $4.78\u00a0per diluted share, compared to net income of $59.4 million, or $0.59 per diluted share in the prior-year quarter.\u00a0<\/p>\n<p>Total global sales increased 4.8 percent\u00a0to $2.1 billion (increased 6.3 percent\u00a0in constant currency), with new hardware sales increasing 12.8 percent, driven largely by Xbox One X and Sony PS4 sales. This seems to be in line with what the retail giant reported <a href=\"https:\/\/www.gamasutra.com\/view\/news\/315959\/Despite_faltering_profits_hardware_and_software_sales_rise_at_GameStop.php\">last quarter<\/a>, attributed\u00a0to strong sales of\u00a0the Nintendo Switch.<\/p>\n<p>New software sales increased 10.9 percent, thanks in part to strong sales of <em>Red Dead Redemption II<\/em> and <em>Marvel&#8217;s Spider-Man<\/em>. The company reported accessories sales increased 32.6 percent\u00a0on the strength of headset and controller sales, while pre-owned sales declined 13.4 percent.\u00a0<\/p>\n<p>Chief operating officer and chief financial officer of GameStop\u00a0Rob Lloyd explains that\u00a0the company lowered its projected forecast because it now anticipates a weaker fourth quarter, despite sharing better-than-expected third-quarter results.<\/p>\n<p>&#8220;While our Black Friday and Cyber Monday sales were strong, we anticipate that our fourth quarter sales will skew more towards hardware than initially planned which, along with underperformance of certain titles, weakness in pre-owned and recent sales promotions, will result in fourth quarter earnings that are below our previous expectations,&#8221; Lloyd said in a statement.<br \/>&#013;<br \/>\n\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GameStop has released its financial results for the\u00a0third quarter ended\u00a0ended November 3, 2018, reporting an\u00a0adjusted\u00a0full-year earnings forecast to compensate\u00a0for &#8220;current sales and margins trends,&#8221; adding that\u00a0the new figures will include the\u00a0planned sale of Spring Mobile. The company reported a net\u00a0loss of $488.6\u00a0million for the quarter, or $4.78\u00a0per diluted share, compared to net income of $59.4 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":65736,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-65735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/posts\/65735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/comments?post=65735"}],"version-history":[{"count":0,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/posts\/65735\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/media\/65736"}],"wp:attachment":[{"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/media?parent=65735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/categories?post=65735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/tags?post=65735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}