GameStop misses revenue estimates on faltering videogame demand By Reuters

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<span>© Reuters. File photo: People walk by a GameStop in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly/File photo</span><br />
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<p>(Reuters) -GameStop missed quarterly revenue estimates on Wednesday as consumers dialed back spending in an uncertain economy, hampering the videogame retailer&#8217;s pivot to a more online-focused model. </p>
<p>Sticky inflation and high borrowing costs have led to uneven spending in the gaming industry. Recently, two major players, including Take-Two (NASDAQ:) Interactive Software, gave an underwhelming forecast. </p>
<p>GameStop (NYSE:), however, managed to post adjusted breakeven earnings per share for the third quarter, compared with estimates of a loss of 9 cents per share, according to LSEG data. </p>
<p>Its results are the first since top investor Ryan Cohen joined as CEO and chairman in late September, tightening his grip on the ailing company.</p>
<p>Cohen, who had initially tried to steer GameStop aggressively towards e-commerce, has backtracked on some of the plans and relied more on brick-and-mortar stores, using them as places where customers can pick up online orders.</p>
<p>GameStop reported revenue of $1.08 billion for the third quarter, compared with estimates of $1.18 billion, according to five analysts polled by LSEG.</p>
<p>Shares of the company fell nearly 1% in extended trading.</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/gamestop-posts-smallerthanexpected-quarterly-loss-3251014">Source link </a></p><p>The post <a href="https://forextraderhub.com/gamestop-misses-revenue-estimates-on-faltering-videogame-demand-by-reuters.html">GameStop misses revenue estimates on faltering videogame demand By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>