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

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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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.