Friday, November 30, 2018

GameStop cuts full-year profit forecast

GameStop Corp cut its full-year adjusted profit forecast, as the world’s largest video game retailer struggles with weakness in used games from developers launching streaming services of old titles, sending its shares down 11.3 percent.

The company, which is exploring a potential transaction after receiving a buyout interest, last week said it would sell its Spring Mobile business to Prime Communications LP for $700 million.

“We are evaluating all aspects of our business, including our store and omni-channel experience, cost structure, strategic and economic partnerships ...,” Chief Financial Officer Robert Lloyd said in a statement on Thursday.. . . more