US Video Game Retailer GameStop Cuts Jobs Over Low Sales
American video game retailer GameStop has cut an unspecified number of jobs due to weak sales in the final quarter of last year.
The consumer electronics and gaming merchandise retailer has approximately 8,000 full-time workers globally, in addition to between 13,000-18,000 part-time hourly workers depending on the time of year, it said late Wednesday in a statement.
The company saw its sales decrease 20.2% to around $1.78 billion in its fiscal fourth quarter that ended on Feb. 3, compared to almost $2.23 billion in the same period of the previous year.
GameStop’s stock price was down 2.9% at 10.36 a.m. EDT Thursday on the New York Stock Exchange.
Dozens of companies in the US technology sector have been cutting jobs since the final quarter of last year as they struggle with lower income and falling advertisement revenue.
Expedia, DocuSign, Snap, Uber, Reddit, Disney, 3M, Amazon, Yahoo, Affirm, Zoom, Dell, IBM, Microsoft, Salesforce, PayPal, and Google’s parent company Alphabet have laid off workers by the thousands since the last quarter of 2023.
