GameStop Corp (NYSE:GME) reported a mixed bag of 1Q earnings, just hours after news broke it had fired its CEO Matt Furlong.
First the earnings: in its first quarter of 2023, the video game retailer reported a net loss of $50.5 million or $0.17 per share versus $0.12 expected, but missed on revenue with sales of $1.23 billion versus analyst estimates of $1.36 billion.
The results, though, were overshadowed by news that GameStop had fired its CEO Matthew Furlong and appointed its board chairman Ryan Cohen as executive chairman effective immediately.
No reason was given for the termination.
“The company will not be holding a conference call today,” was all investors were told in a statement. “Stockholders can review the company’s Form 10-Q.”
Shares of GameStop plummeted nearly 21% following the bell to reach $20.26 after closing at $26.11 on Wednesday.
Contact Angela at angela@proactiveinvestors.com
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