GameStop Corp
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Consumer Discretionary : Specialty Retail | Mid Cap Blend
Company profile

GameStop Corp. is an omnichannel video game retailer. The Company sells video game hardware, physical and digital video game software, video game accessories, as well as mobile and consumer electronics products and other merchandise through its GameStop, EB Games and Micromania stores. It operating segments, which consists of Video Game Brands segments: United States, Canada and Australia and Europe. Each of the Video Game Brands segments consists primarily of retail operations, with all stores engaged in the sale of new and pre-owned video game systems, software and accessories, which it refers to as video game products. Its Video Game Brands stores sell various types of digital products, including downloadable content, network points cards, prepaid digital, and also sell certain mobile and consumer electronics products and collectible products.

Closing Price
$204.97
Day's Change
-1.40 (-0.68%)
Bid
--
Ask
--
B/A Size
--
Day's High
212.49
Day's Low
200.78
Volume
(Above Average)
Volume:
3,950,643

10-day average volume:
3,503,949
3,950,643

GameStop shares slide 6% premarket after Netflix makes first videogame hire signaling potential shakeup of sector

7:15 am ET July 15, 2021 (MarketWatch)
Print

GameStop Corp. shares (GME) slid about 6% in premarket trade Thursday, after Netflix Inc. (NFLX)announced its first major videogame hire, (http://www.marketwatch.com/story/game-on-netflix-hires-first-videogame-executive-signaling-a-new-approach-11626305804) potentially signaling a move beyond its streaming-video roots. The streaming giant hired Mike Verdu as vice president of game development, poaching him from Facebook Inc. (FB), where as vice president of content for Reality Labs, he oversaw Oculus Studios as well as the teams bringing second- and third-party virtual-reality games and other apps to Oculus virtual-reality headsets. Before that, Verdu was senior vice president of mobile for Electronic Arts Inc. (EA), responsible for mobile game studios that operated franchises like "The Sims," "Plants vs. Zombies" and "Star Wars: Galaxy of Heroes." "Putting this together, it is clearly still early days and much of the detail remains to be clarified, but this feels like a significant event with broad ramifications across the video games landscape," Citigroup analyst Thomas A. Singlehurst wrote in a note. Singlehurst expects the move to accelerate the move of video games to cloud-based platforms, "and that this could bring with it the risk of disruption in the form of a shift in the monetization model for the traditional PC/console side of the market." Electronic Arts shares and Activision Blizzard (ATVI) shares were slightly lower. Take-Two Interactive Software Inc. (TTWO) was down 0.2% and Sony was down 0.4%. Zynga Inc. (ZNGA) was down 0.2%. Netflix shares jumped 2.4% and are up 1.3% in the year through Wednesday, while the S&P 500 has gained 16%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

July 15, 2021 07:15 ET (11:15 GMT)

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