(Reuters) -Videogame retailer GameStop reported a decline in quarterly revenue on Tuesday as more customers moved away from its mainstay brick-and-mortar stores in favor of digital game downloads.
Shares of the Grapevine, Texas-based company fell nearly 4% in extended trading.
GameStop, which was once at the heart of the “meme stock” trading frenzy, has long struggled to adapt to the rapidly changing gaming industry as consumer preferences shift away from physical game sales towards digital downloads, game streaming and online shopping.
The company’s first-quarter revenue fell 17% to $732.4 million, compared with $881.8 million a year ago.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Pooja Desai)
