May 7 (Reuters) -

Video game publisher Electronic Arts ( EA ) forecast

full-year bookings below Wall Street estimates on Tuesday amid a

broader spending slowdown in the gaming industry due to an

uncertain economic outlook.

The Redwood City, California-based company's shares fell

3.4% in extended trading. EA also authorized a new three-year

stock buyback plan totaling $5 billion.

The dour forecast from EA, one of the biggest names in

gaming, will add to the industry's already gloomy outlook, which

has been coping with gamers cutting back on discretionary

spending amid high inflation.

Large firms, including Japan's Sony ( SONY ) and "Grand

Theft Auto" maker Take-Two Interactive, have been

aggressively cutting costs in recent months to combat the

economic uncertainty and slumping game demand.

Growth in personal computing and console gaming is expected

to remain below pre-pandemic levels as gamers record fewer hours

of playtime owing to weaker release schedules, data from

research firm Newzoo showed.

Analysts from Roth MKM had warned about the company's

outlook in a research note last week citing a lack of visibility

into EA's development pipeline and lighter release schedule.

EA cut its workforce by 5% in February as part of a

restructuring plan, which includes a reduction in office space.

The company forecast fiscal year 2025 bookings in the range

of $7.30 billion to $7.70 billion, compared with average

analysts' estimate of $7.76 billion, according to LSEG data.

For the fourth quarter, the company, which also makes games

like "Star Wars Jedi: Survivor", posted bookings of $1.67

billion, missing estimates of $1.77 billion.

For the first quarter the company expects bookings in the

range of $1.15 billion and $1.25 billion, compared with

estimates of $1.44 billion.

On an adjusted basis, the company earned $1.37 per share in

the fourth quarter, compared with estimates of $1.52 per share.