GameStop slumps after terminating Matt Furlong as CEO; Q1 results miss estimates By Investing.com
© Reuters.
Investing.com — GameStop on Wednesday terminated Matt Furlong as chief executive officer and named Ryan Cohen chief executive officer as the video game retailer reported first-quarter financial results that fell short of Wall Street estimates.
Jim Stop Corp (NYSE:) fell 17% in after-market trading following the report.
The company lost $0.14 per share in the first quarter on revenue of $1.24 billion, compared to estimates of a loss of $0.12 per share on revenue of $1.36 billion.
Selling, general and administrative expenses were $345.7 million, or 27.9% of net sales for the period, compared to $452.2 million, or 32.8% of net sales, in the same period last year.
GameStop, one of the original “meme stocks,” has entered cryptocurrency and non-fungible tokens, or NFTs, as part of a transition.
