MSFT - GameStop Needs To Get Its Game Back | Benzinga
On Tuesday, GameStop Corporation (NYSE: GME) missed both top and bottom-line estimates with its latest quarterly report. Amid the ongoing shift to digital downloads with the rise of the cloud gaming platform by Microsoft Corporation (NASDAQ: MSFT) that accelerated the digitalization of the gaming industry, the videogame retailer delivered a lackluster fourth quarter report that after which its stock plunged in premarket trading on Wednesday.
Fourth quarter highlights
For the quarter that ended on February 3rd, the legacy meme stock company posted revenue of $1.79 billion, missing analyst estimates of $2.05 billion and falling from last year’s comparable quarter when it amounted to $2.23 billion. Hardware and accessories sales brough in $1.09 billion with the segment also declining 12% YoY, while software sales tanked 31% to $465 million. GameStop reported earnings of earnings of $63.1 million.
As for the full year, GameStop posted revenue ...