- GameStop Corp. (NYSE:GME) stock lost more than 20 per cent by midday Thursday trading after firing its fifth CEO in five years
- The former Amazon.com (NASDAQ:AMZN) executive was chosen by the company to lead its online expansion
- Billionaire investor and GameStop board chair Ryan Cohen was appointed as the new executive chairman
- GameStop Corp. (GME) opened trading at US$20.30 per share
GameStop Corp. (NYSE:GME) stock lost more than 20 per cent by midday Thursday trading after firing its fifth CEO in five years.
The former Amazon.com (NASDAQ:AMZN) executive was chosen by the company to lead its online expansion. Billionaire investor and GameStop board chair Ryan Cohen was appointed as the new executive chairman. His responsibilities include capital allocation and overseeing management.
Once known as a “meme stock,” traders on Reddit sent its stock soaring two years ago, causing billions in losses for the hedge funds that bet against the gaming retailer.
Earlier this week, GameStop released its Q1 2023 financial results, reporting its net sales were US$1.237 billion, compared to US$1.378 billion in Q1 2022. Selling, general and administrative expenses were US$345.7 million, or 27.9 per cent of net sales for the period, compared to US$452.2 million, or 32.8 per cent of net sales, in Q1 2022. Click here to read more details on that news.
GameStop Corp. (GME) opened trading at US$20.30 per share and though its stock is trading 20 per cent higher over the past three months, it has declined more than 34 per cent since this time last year.
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