GameStop's first-quarter revenue falls 17% due to a shift towards digital downloads, raising concerns about its retail model and future as it closes more stores.

Videogame retailer GameStop reported a decline in quarterly revenue on Tuesday as more customers moved away from its mainstay brick-and-mortar stores in favor of digital game downloads. Shares of the Grapevine,

GameStop Corp. shares are down more than 4% Wednesday after the videogame retailer’s first-quarter revenue missed Wall Street’s expectations, despite a fourth consecutive quarterly profit.