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GameStop earnings drop nearly 9 percent, blames long life of current consoles

Global sales for the world's largest video game retailer dropped to $1.77 billion, compared to $1.99 billion in the prior year quarter, GameStop reported today in its third quarter earnings report.

Company officials attribute the nearly 9 percent drop in store sales due to "the longevity of the current console cycle" among other things.

As the long lifespan of the PlayStation 3 and Xbox 360 draws to a close, with the rumored coming of new iterations of both consoles, game sales continue to slow.

GameStop chief executive officer Paul Raines did say that the company expects a successful holiday driven by "great titles, an unrivaled loyalty program, exciting new businesses and the Wii U launch."

Nintendo's Wii U hits stores this weekend.

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