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:GameStop missed quarterly revenue estimates on Wednesday as consumers dialed back spending in an uncertain economy, hampering the videogame retailer’s pivot to a more online-focused model.
Shares of the company fell 2.3 per cent in afterhours trading.
The results are the first since top investor Ryan Cohen joined as CEO and chairman in late September, tightening the billionaire’s grip on the ailing company.
Sticky inflation and high borrowing costs have led to uneven spending in the gaming industry, with major players including Take-Two Interactive Software giving an underwhelming forecast.
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.
Third-quarter net loss stood at $3.1 million, compared with market expectations for a loss of $25.6 million.
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