GameStop (GME) stock fell as much as 15% during the struggling video game retailer’s annual shareholder meeting on Monday as the company provided few details about its strategy moving forward.
Chairman and CEO Ryan Cohen spoke briefly during the upcoming meeting, emphasizing the company’s focus on achieving profitability.
“In terms of retail operations, we plan to continue to reduce costs and focus on profitability,” Cohen said, citing a “smaller network” of stores.
“We are focused on building long-term shareholder value. We are not here to make promises or hype things up. We are here to work,” he added.
GameStop shares have been volatile over the past month amid the resurgence of retailer Keith Gill, who is credited with sparking 2021’s meme craze.
GameStop has benefited from recent gains, raising more than $3 billion in proceeds from stock offerings over the past month.
“Having a strong balance sheet, especially in times of economic uncertainty, is a strategic advantage,” Cohen said Monday.
Other than Cohen’s opening statements, the company did not provide any other details about its strategy or future plans.
The shareholders’ meeting was postponed last week after a large number of listeners led to a technical glitch in the broadcast.
The revival of the meme craze began last month, when GameStop shares rose 180% over two days after Keith Gill, known as Roaring Kitty online, announced… First published On social media platform X since 2021.
Earlier this month, the stock fell nearly 40% in a single day as GameStop released its quarterly results early and moved forward to sell millions of shares hours before millions of viewers tuned into Roaring Kitty’s YouTube livestream.
“It became a bet on management, and in particular, of course, Ryan, Cohen. Ryan Cohen And his crew. “That’s what people should focus on,” Gill said.
“I see enough where I think this guy might be able to do it,” he added.
Gill also said that screenshots of GameStop holdings posted on social media were his own.
“The accounts that show my positions are my accounts. These are my positions. I don’t work with anyone else. I don’t work with hedge funds,” he said.
Ince Ferry is Yahoo Finance’s chief business correspondent. Follow her on X in @ines_ferre.
