Wall Street Reacts To Slow Games Sales
11:53 AM | Jean-Luc Dinsdale | Comment on this story
Despite being in the middle of the usually busy Holiday shopping season, games sales this year seem to be slower than expected. A survey of 20 Electronics Boutique and 20 Wal-Mart stores in the US by investment firm J.P. Morgan Securities has found that half the store had too much inventory, despite retailer’s expectations that game sales this year were going to surpass sales figures from the same period in 2002.
As the results of the survey were made public, stock prices of the biggest game software publishers, including Electronic Arts, Take-Two Interactive, and Atari, fell on Monday, seeing a decrease of between one and three per cent.
Video game companies have been under heavy scrutiny since November of this year. Unfavourable sales data, the lack of heavy discounts on the biggest gaming consoles, and concern about publishers’ ability to meet their sales forecasts have all caused investors to be bearish about game stocks.
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