GameStop quarterly revenue beats estimates on higher demand for video games

FILE PHOTO: People walk by a GameStop in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly

(Reuters) -GameStop Corp reported first-quarter revenue that exceeded market expectations on Wednesday, as the video game retailer pivots toward a more online-focused model amid increasing competition from large retailers such as Walmart Inc and Amazon.com Inc.

Store closures during the COVID-19 pandemic affected GameStop's physical retail business, for which it is primarily known. The company has been bolstering its online sales capabilities as shopping trends towards e-commerce accelerated during the pandemic.