(Reuters) -Take-Two Interactive Software ( TTWO ) forecast third-quarter bookings below Wall Street expectations on Wednesday, as consumers cut spending budgets owing to higher-for-longer inflation and an uncertain economy. 

Shares of the New York-based company fell 2.7% in extended trading.

The videogame publisher forecast bookings in the range of $1.35 billion to $1.40 billion, compared with estimates of $1.44 billion, as per data compiled by LSEG.

The forecast indicates weak spending by gamers as the industry navigates a downturn marked by higher inflation, prompting gamers to cut budgets.

The company, however, beat estimates for second-quarter bookings, driven by strong performance of "Grand Theft Auto" and "Borderlands" franchises.

The firm reiterated its annual bookings forecast and said that the hotly anticipated "Grand Theft Auto VI" is set for launch in its fiscal 2026.

Bookings for the second quarter came in at $1.47 billion, beating estimates of $1.43 billion.