Market Intelligence

GameStop forecasts surprise first-quarter loss, shares fall


April 2 () - GameStop Corp on Tuesday warned of a potential first-quarter loss as the world's largest video game retailer wrestles with slowing sales of video games and consoles at its stores.

Shares of the company fell 7.52 percent to $9.34 in extended trading after GameStop also reported quarterly revenue below analysts' estimates.

GameStop has struggled in the face of a changing retail landscape and in March named retail industry veteran George Sherman chief executive officer, its fifth CEO in just over a year.

The company also forecast a 5 to 10 percent drop in total and same-store sales for 2019.

Net sales fell 7.6 percent to $3.06 billion, missing estimates of $3.28 billion.

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