GameStop has released its third quarter fiscal report , which ended on Nov. 3, showing an overall net income loss of $488.6 million.

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The report included the recent sale of Spring Mobile – one of GameStop Corp's owned companies – which brought in approximately $700 million.GameStop previously said they would, “pay off debts, fund share repurchases, reinvest in core video game and collectibles businesses to drive growth, or some combination of these options," with the funds from Spring Mobile.Pre-owned sales were down 13.4% compared to previous quarters, which is the core of what GameStop's company is rooted in. But despite the company's loss, sales were up for new hardware, specifically with Xbox One X and PS4 sales at 12.8% and software sales increased by 10.9%. Accessories also increased by 32.6%, heavily due to headset and controller sales.Rob Lloyd, chief operating officer and chief financial officer at GameStop said they did experience growth overall in the most recent quarter.“We experienced solid growth in the third quarter, including double-digit growth across software, hardware, accessories and collectibles, underscoring GameStop’s leadership position in video games and our unique ability to satisfy all of our customers’ entertainment needs."Lloyd said the growth can be heavily attributed to high-selling game titles this year, including Red Dead Redemption 2 and Marvel's Spider-Man."Notably, software sales benefited from a compelling title line-up compared to last year, including strength from Red Dead Redemption 2 and Spider-Man, as well as the earlier launch of Call of Duty compared to last year. We are especially pleased with our performance in October, a month where The NPD Group disclosed that the U.S. physical video game industry grew by 46% while our U.S. physical video game revenue outpaced the industry and increased 63% resulting in market share gains.”GameStop has lowered their expectations for fourth quarter earnings, and is predicting sales will lean more toward hardware than they had initially planned, while also having underperformance in pre-owned sales and certain games, resulting in losses higher than they previously expected.For more on the game titles that assisted in GameStop's growth this past quarter, read about how Red Dead Redemption 2 sold $725 million in copies over the first three days, achieving the largest opening weekend in entertainment history.Also read how Marvels Spider-Man was the fastest selling PlayStation exclusive in history , selling 3.3 million copies in the first three days amounting to $198 million.

Jessie Wade is a news writer for IGN and she's terrible at math, but for some reason loves writing about quarterly business reports in the industry. Follow her on Twitter @jessieannwade