GameStop results disappoint as console loses to online games

GameStop Corp reported a bigger-than-expected quarterly loss, as the end of the console cycle and consumers increasingly shifting to download games rather than physically buy them led to weak sales at its stores.

Adds second-quarter details, forecast, share move

Sept 10 (Reuters) - GameStop Corp GME.N reported a bigger-than-expected quarterly loss, as the end of the console cycle and consumers increasingly shifting to download games rather than physically buy them led to weak sales at its stores.

The video game retailer's shares fell 15% in extended trading.

The company reported a loss of 32 cents per share for the second quarter ended Aug. 3, against analysts' loss estimates of 21 cents per share, according to IBES data by Refinitiv.

The company's revenue declined 14.3% to $1.29 billion, missing estimates of $1.34 billion.

Comparable store sales took a hit by 11.6%, with both hardware and software sales tumbling.

The company forecast 2019 sales to be down in the low teens against its previous guidance range of a fall of 5% to 10%.

(Reporting by Neha Malara in Bengaluru; Editing by Maju Samuel)

((Neha.Malara@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 0344;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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