Shares of Gamestop (NYSE:GME) plunged in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at -$0.14, which beat analysts’ consensus estimate of -$0.15 per share. Sales decreased by 10.1% year-over-year, with revenue hitting $1.24 billion. This missed analysts’ expectations by $120 million.
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In a surprising twist, GameStop has undergone a significant management shakeup. Ryan Cohen, a significant shareholder of the company, has been appointed as executive chairman, taking charge of capital allocation and management oversight. With his ascension, former CEO Matthew Furlong has been shown the exit, while Mark Robinson has been ushered in as the new general manager and principal executive officer.
With GME stock trading at around $21.50 per share at the time of writing in after-hours, we can see from the image above that today’s news has wiped out most of last month’s gains.
