GameStop misses revenue estimates on slow videogame demand, competition

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

(Reuters) -GameStop missed quarterly revenue estimates on Wednesday as competition grew and consumers dialed back spending in an uncertain economy, hampering the videogame retailer's pivot to a more online-focused model.

Sticky inflation and high borrowing costs have led to uneven spending in the gaming industry. Recently, two major players, including Take-Two Interactive Software, gave an underwhelming forecast.