Gamestop Hit With Net Loss Of $269.7 Million
GameStop was hit with a huge loss this past year, but it wasn’t for nothing. It seems that they were spending money now to make more in the future.
CEO Paul Raines said, ”Perhaps most importantly, we invested in our mobile and digital businesses to position the company for future success. These channels delivered as planned and significantly contributed to our highest ever gross margin and profitability.”
Ever since rumors of blocking used games on next-gen consoles started floating around, GameStop began to sweat a little. A huge chunk of their revenue is based on used games and for that to potentially be cut would devastate the company. That being said, it seems that GameStop took some losses this year in order to position themselves better for the future.