GameStop Cuts Jobs, Closes NFT Market as Sales Decline Persists

GameStop announced job cuts amid "unsustainable" sales decline; Q4 sales dropped 19% to $1.794B and fiscal year sales dropped 11% to $5.273B
Net income improved in Q4 and fiscal year, but dramatic sales decline worrying analysts
Analyst said increasing shift to digital downloads hurting physical retail; store traffic unlikely to rebound
GameStop cut unspecified number of jobs to reduce costs; had 8,000 full-time and 13,000-18,000 part-time staff as of Feb 3
GameStop closed NFT marketplace in Feb after struggling to gain traction in crypto/NFT space since 2021