GameStop cuts costs to deal with plunge in console sales

[Joystiq]

The PS4 and Xbox One are clearly

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of their main lifecycles, and that's doing serious damage to GameStop's bottom line. The video game store's Q1

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fell to $6.8 million, just a quarter of what they were a year earlier, based on a steep 35 percent drop in new hardware sales. And that's after accounting for the

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. While GameStop didn't explain the decline, gamers knew the

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and

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were on the horizon -- there wasn't much point to buying a current-gen system. The much gentler dip in software sales (4.3 percent) reinforced this.

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