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GameStop reports a third quarter loss of $ 488.6 million

GameStop has released its third fiscal quarterly report, ending November 3, showing a total net loss of $ 488.6 million.

The report included a recent sale of Spring Mobile – one of the companies owned by GameStop Corp. – which brought about $ 700 million.

GameStop has earlier said it will "pay off its debts, redeem fund stocks, re-invest in basic video gaming and pooling companies to boost growth or a combination of these options," with Spring Mobile funds.

Sales sales fell by 13.4% compared to the previous quarter, which is the core of GameStop embarkation. But despite the loss of the company, sales increased for new hardware, especially with Xbox One X and PS4 sales at 12.8%, and software sales rose by 10.9%. Accessories also increased by 32.6%, strongly due to the sale of handsets and controllers.

Rob Lloyd, Chief Operating Officer and Chief Financial Officer at GameStop, said they had experienced growth in the last quarter.

"In the third quarter, we have experienced solid growth, including a two-digit growth in software, hardware, accessories and collectors, highlighting the position of leading gamers in video games and the unique ability to meet all of our customer's entertainment needs."

Lloyd said growth could be attributed to big sales titles this year, including Red Dead Redemption 2 and Marvel Spider-Man.

"Significantly, software sales benefited from compelling titles compared to last year, including the power of Red Dead Redemption 2 and Spider-Man, as well as the earlier launch of Call of Dutya compared to last year's performance in October, a month when NPD Group announced that the US video game industry grew by 46%, while our revenue from physical video gaming surpassed the industry and increased by 63%, resulting in increased market share. "

GameStop has lowered expectations for quarter-quarter earnings and forecasts that sales will focus more on hardware than they originally planned, while at the same time having poor sales and pre-sale performance, which resulted in a loss higher than expected.

For more information on game titles that aided GameStop's growth over the past quarter, read about how Red Dead Redemption 2 sold $ 725 million in the first three days, reaching the biggest weekend in the entertainment history and how Marvels Spider-Man was the fastest selling PlayStation in history, selling 3.3 million copies in the first three days to $ 198 million.

Jessie Wade is a news writer for IGN and she's terrible in math, but for some reason she likes to write about quarterly business reports in the industry. Follow her on Twitter @jessieannwade.

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