(Reuters) - Video games retailer GameStop Corp's quarterly profit beat estimates for the fourth consecutive quarter, suggesting that its strategy of expanding its digital and mobile offerings is paying off in a tough video-gaming environment.
Sales of video game hardware and software sales have dropped as gamers lean towards lower-priced online offerings on tablets and smartphones.
However, GameStop has managed to buck the trend by selling new and used games to console owners and iOS and Android devices in some stores.
The company, which said its year-to-date market share of PS3 and Xbox 360 software in the United States was 47.7 percent, reported first-quarter revenue of $1.87 billion. Mobile sales rose 290 percent to $46.8 million.
Analysts on average were expecting sales of $1.82 billion, according to Thomson Reuters I/B/E/S.
Quarterly profit fell to 46 cents per share, but beat analysts' estimates of 40 cents per share.
Earlier this week, Microsoft Corp unveiled the "Xbox One", its first new gaming console in eight years, and its strongest push so far to dominate consumers' living rooms with an array of exclusive media content.
"The majority of how the (GameStop) stock is going to trade is going to be the market interpretation of how "Xbox One" is going to handle used game sales," National Alliance Securities analyst Mike Hickey told Reuters.
Total U.S. sales of videogame hardware and software in April saw a 25 percent drop, following a downward trend that has continued month over month since last year, according to a report by market research firm NPD.
Games software sales were down 17 percent, while hardware sales dropped 42 percent last month over a year ago, the report said.
For the second quarter, GameStop expects earnings of 1 cent per share to 7 cents per share. Analysts are expecting a profit of 8 cents per share.
GameStop shares, which have risen about 46 percent in the last three months, were trading down about 1 percent at $35.80 on Thursday morning on the New York Stock Exchange.
(Reporting by Chandni Doulatramani in Bangalore and Malathi Nayak in San Francisco; Editing by Roshni Menon)
Source: http://news.yahoo.com/gamestop-results-beat-higher-mobile-sales-125340509.html
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