GameStop shares are falling as the corporate cuts jobs and quarterly sales fall

GameStop said Tuesday it cut an unspecified variety of jobs to chop costs and reported lower fourth-quarter sales as competition from e-commerce corporations increases and consumer spending in an uncertain economy are weak.

Shares of the Grapevine, Texas-based company fell 17% in prolonged trading following the outcomes.

Weak consumer spending has weighed on the gaming market in recent months, particularly amongst U.S. video game publishers Interactive Take-Two software And Electronic Arts reported earnings below estimates last month.

GameStop reported fourth-quarter revenue of $1.79 billion, in comparison with $2.23 billion within the year-ago quarter.