Amazon stock drops citing 'an industry slowdown in video games and consoles'


The global economic recession is finally hitting home, folks. That's right -- the Internet. Major online retailer Amazon.com is citing, "video games and consoles" as one of the primary culprits causing the company's financial hardship. According to the Wall Street Journal, though the company posted 14% increased profit margins in its last financial quarter, sales of "media" in the US (books, movies, video games) have nearly stopped.

While we can't speak for the other two forms of "media," we'd like to point out to Amazon that, comparatively with spring of 2008, sales of video games in spring of 2009 have been predicted to decrease for some time now. It probably doesn't help that, you know, it's summer. Still, with the flood of great games coming out later this year, we're betting the lean times (in terms of video game sales, at least) won't last for long.

This article was originally published on Joystiq.