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:) fell 17% in after-market trading following the report.

The company 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.