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GameStop slumps after terminating Matt Furlong as CEO; Q1 results miss estimates

AuthorYasin Ebrahim
Published 06/07/2023, 04:25 PM
© Reuters.

Investing.com – GameStop on Wednesday terminated Matt Furlong as chief executive and appointed Ryan Cohen as executive chairman as the video game retailer reported fiscal first-quarter results that fell short of Wall Street estimates.

GameStop Corp (NYSE:GME) fell 17% in after-market trading following the report.

The company reported a Q1 loss of $0.14 on revenue of $1.24 billion, compared with estimates for a loss of $0.12 a share on revenue of $1.36B. 

Selling, general and administrative expenses were $345.7M, or 27.9% of net sales for the period, compared to $452.2M, or 32.8% of net sales, in the same period last year.

GameStop, one of the original "meme stocks", has made a foray into cryptocurrency and nonfungible tokens, or NFTs as part of a transition.

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