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GameStop reported a fall in fourth-quarter revenue as the videogame retailer grappled with competition from e-commerce firms and weak consumer spending

:Videogame retailer GameStop said on Tuesday it had cut an unspecified number of jobs to reduce costs and reported lower fourth-quarter revenue amid rising competition from e-commerce firms and weak consumer spending in an uncertain economy.Shares of the Grapevine, Texas-based company tumbled 16 per cent in e

Shares of the Grapevine, Texas-based company tumbled 15% in extended trade after the results. U.S. videogame publishers Take-Two Interactive Software and Electronic Arts also delivered lackluster earnings last month as the gaming industry faces pressure from high borrowing costs, sticky inflation and a slowdown in demand from pandemic peaks. GameStop posted revenue of $1.79 billion for the fourth quarter, compared with $2.23 billion a year earlier.

Shares of the Grapevine, Texas-based company tumbled 15% in extended trade after the results. U.S. videogame publishers Take-Two Interactive Software and Electronic Arts also delivered lackluster earnings last month as the gaming industry faces pressure from high borrowing costs, sticky inflation and a slowdown in demand from pandemic peaks. GameStop posted revenue of $1.79 billion for the fourth quarter, compared with $2.23 billion a year earlier.

GameStop posted revenue of $1.79 billion for the fourth quarter, compared with $2.23 billion a year earlier