GameStop plunges back to Wall Street, after the announcements

(Boursier.com) — GameStop stumbled last night by 19% after trading on Wall Street. The group is indeed separating from its managing director, Matt Furlong, after the publication of a sharply declining quarterly turnover. Ryan Cohen takes over as executive chairman. The video game retailer, a former star “meme stock” on Wall Street, posted a fiscal first-quarter adjusted loss per share of 14 cents, slightly lower than expected, from a 52-cent loss per share a year earlier. . Revenue fell to $1.24 billion from $1.38 billion a year earlier. The consensus was at $1.36 billion. Quarterly net loss was $50 million, down from $158 million a year earlier. The group also canceled its “conference call” last night.

Cohen first joined the board as a director in early 2021 and became chairman in June as part of a restructuring of GameStop’s board. The company then reshuffled its management team, hiring Furlong, who came from Amazon, for the position of general manager.