GameStop sank nearly 20% on Thursday and was set for its worst session in two years after the surprise exit of a CEO handpicked to lead its online expansion fanned concerns about the videogame retailer's ailing business.
A man walks in front of a GameStop store in the Jackson Heights neighborhood of New York City, New York, U.S. January 27, 2021. REUTERS/Nick Zieminskisank nearly 20% on Thursday and was set for its worst session in two years after the surprise exit of a CEO handpicked to lead its online expansion fanned concerns about the videogame retailer's ailing business.
Yet GameStop was set to erase half of its gains for 2023 and about $1.6 billion in market value, based on premarket share movements, with one analyst saying management change has been the only constant in recent years. "One consistency remains, changes at the top. Over the last 5 years, GameStop has had 5 CEOs and 3 CFOs."Uerkwitz is among the last few analysts who cover GameStop after a massive pandemic-era rally that was driven by traders banding together on Reddit prompted several brokerages to say the stock price had decoupled from its fundamentals.
The company, which still relies mostly on brick-and-mortar stores, reported its fourth straight fall in quarterly revenue on Wednesday and a bigger-than-expected loss.
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