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(Reuters) – Videogame retailer GameStop reported a fall in third-quarter revenue on Tuesday, hit by a continued slump in spending at its brick-and-mortar stores as consumers shift to online platforms.
The company’s third-quarter revenue fell 20% to $860 million, compared with $1.08 billion a year ago.
GameStop has been grappling with a slower turnaround of its main business as it struggles to ramp up sales of videogame hardware and collectibles, while facing stiff competition from online retail giants such as Amazon.com and eBay.
It is also burdened by an uncertain macroeconomic environment as consumers cut back on discretionary spending owing to stubborn inflation and a slow recovery in the gaming market.
The company reported net income of $17.4 million in the third quarter, compared with a net loss of $3.1 million a year ago.
(This story has been refiled to remove extraneous words in paragraph 2)
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Pooja Desai)
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