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(Reuters) – Online game retailer GameStop reported a decline in third-quarter income on Tuesday, hit by continued declines in spending at its bodily shops as shoppers shift to on-line platforms.
The corporate's third-quarter income fell 20 p.c to $860 million from $1.08 billion a yr in the past.
GameStop is grappling with a slower turnaround in its core enterprise because it struggles to extend gross sales of online game {hardware} and collectibles, whereas dealing with stiff competitors from retail giants on-line retail reminiscent of Amazon.com and eBay.
It additionally faces an unsure macroeconomic surroundings as shoppers reduce on discretionary spending on account of cussed inflation and a sluggish restoration within the gaming market.
The corporate reported third-quarter internet earnings of $17.4 million, in contrast with a internet lack of $3.1 million a yr in the past.
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(Reporting by Zaheer Kachwala in Bangalore; Modifying by Pooja Desai)
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