GameStop (NYSE:GME) stock is falling on Thursday after the company fired its CEO alongside the release of its earnings report for the first quarter of 2023.
GameStop CEO Matthew Furlong has been fired. At the same time, the company’s board of directors has elected Ryan Cohen as Executive Chairman. This will see him handle capital allocation and oversee management at the company.
GameStop didn’t provide a reason for the firing but did say the following in its earnings filing:
“As recently announced, we have made leadership changes, including the appointment of Ryan Cohen as Executive Chairman of the Company and Mark Robinson as the new principal executive officer of the Company with the title of General Manager. We believe the combination of these efforts to stabilize and optimize our core business and achieve sustained profitability while also focusing on capital allocation under Mr. Cohen’s leadership will further unlock long-term value creation for our stockholders.”
GameStop Q1 Earnings Results
During its latest earnings report, GameStop cited a loss per share of 12 cents. That’s better than the -12 cents per share Wall Street was expecting. It’s also an improvement over the 52 cents per share loss in the same period of the year prior.
Unfortunately, that narrowing loss is offset by the video game retail company’s revenue of $1.24 billion. That’s below the $1.36 billion in revenue that analysts were expecting. Additionally, it’s down from the $1.38 billion reported in the first quarter of 2022.
GME stock is down 21.5% as of Thursday morning but was up 51.8% year-to-date when markets closed on Wednesday.
Investors looking for more of the most recent stock market news are going to want to stick around!
InvestorPlace is home to all of the latest stock market coverage traders need for Thursday! That includes the biggest pre-market stock movers this morning, the most recent Mobiquity (NASDAQ:MOBQ) news, and more. We’ve got all of that ready to go at the links below!
More Thursday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- MOBQ Stock Alert: Why Is Mobiquity Up Today?
- Dear AUR Stock Fans, Mark Your Calendars for June 26
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.