GameStop location on Sixth Avenue in New York on March 23, 2021.
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GameStop It said Tuesday it was cutting an unspecified number of jobs to cut costs and reported lower fourth-quarter revenues amid growing competition from e-commerce companies and weak consumer spending in an uncertain economy.
Shares of the Grapevine, Texas-based company fell 17% in extended trading after the results.
Weak consumer spending has impacted the gaming market over the past few months, with video game publishers in the United States taking a hit Interactive Take-Two And Electronic Arts Reporting earnings below estimates last month.
GameStop reported revenue of $1.79 billion for the fourth quarter, compared to $2.23 billion in the same quarter a year earlier.
