GameStop Corp shares plunged 26% on Tuesday after the video games retailer halte...
- GameStop Corp shares plunged 26% on Tuesday after the video games retailer halted its quarterly dividend and reported a 13.3% fall in first-quarter revenue that missed analysts’ estimates on the back of slowing sales of video games and consoles at its stores.
Chief Financial Officer Rob Lloyd said the consumers were postponing their purchase of consoles, as the current models PS4 and Xbox One console are in late stages, and they are awaiting new versions from Sony Corp and Microsoft Corp. GameStop also faces a major threat from the rising advent of game streaming, with technology giants like Alphabet Inc’s Google, Microsoft and others getting into the still nascent space.
The stoppage of dividend will save about $157 million per annum, besides helping in cutting its nearly $500 million debt burden. GameStop, which saw several changes in management since Chief Executive Officer J. Paul Raines passed away last March, has been cutting costs to remodel itself in the face of a changing retail landscape.
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