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GameStop Appoints New CEO as Q2 Results Beat

Published 06/09/2021, 04:14 PM
Updated 06/09/2021, 04:49 PM
© Reuters

By Yasin Ebrahim

Investing.com - GameStop said Wednesday that it has appointed former Amazon executives Matt Furlong and Mike Recupero as chief executive officer and chief financial officer, respectively, with the video game retailer looking to accelerate its digital transformation.

The company also reported that it received a request from the U.S. Securities and Exchange Commission on May 26 to provide information related to a probe into trading activity. 

GameStop Corp (NYSE:GME) was down 10% in after-hours trade.

The two new executives come as the company reported second-quarter results that topped Wall Street expectations. 

GameStop (NYSE:GME) reported a Q2 loss of 45 cents on revenue of $1.28B, above estimates for a loss of 68 cents on revenue of $1.13B.

Since the start of the year, the stock is up 1,356% year to date, driven by a Reddit-led wave of demand.   

Looking ahead,GameStop said it is continuing to suspend guidance at this time, though said May sales increased approximately 27% compared to last year.

 

 

Latest comments

If a APE  like you guys call it , can PROFIT 10% in one day and all your knowledge can hardly make 10% a year... yes we APES are ending up with a banana , LOL
Note sure if you have noticed, but people buying GME doe not care about profits or revenue, they are buying it as a middle finger to Wallstreet to expose that the market is a complete joke. GME is making its revenue mostly from people buying the stock. Also, my name is Joe Biden and I am here to vote, anybody who asks me for ID to prove my identity is a racist *****
haha nice name !
Apes together strong?
When it is all said and done, most of these apes will hold an empty banana..
gme diluting more shares and that will ****the squeeze im thinking it going back below 200
what was that wonderful thing that shorted GME massively? And finally what?
This will not end well for the ones that hold GME...
According to what they say they are owning it as a protest against naked short selling. They don't own it to sell it.
Gamestop employee: I'll give you 50 cents for your GME shares
lol. Hilarious. A worthless company pumped and valued more than most massive and profitable corporations. In time many will lose.
ah... so your the dude that sold call options @40$
thank you
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