{"id":20404,"date":"2023-06-09T07:46:05","date_gmt":"2023-06-09T11:46:05","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/gamestop-shares-plummet-after-fifth-ceo-exit-in-5-years\/"},"modified":"2023-06-09T07:46:06","modified_gmt":"2023-06-09T11:46:06","slug":"gamestop-shares-plummet-after-fifth-ceo-exit-in-5-years","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20404","title":{"rendered":"GameStop shares plummet after fifth CEO exit in 5 years"},"content":{"rendered":"
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\u00a9 Reuters. 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 Zieminski<\/span>
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By Akash Sriram<\/p>\n

(Reuters) -GameStop fell about 19% 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.<\/p>\n

The ousting of former Amazon.com (NASDAQ:) executive Matt Furlong came alongside top shareholder Ryan Cohen’s appointment as the executive chairman of a company that he turned into a favorite of meme-stock traders with promises of a digital pivot.<\/p>\n

Yet GameStop (NYSE:) was set to erase half of its gains for 2023 and about $1.3 billion in market value, with one analyst saying management change has been the only constant in recent years.<\/p>\n

“It’s hard to have an opinion with no earnings call, little-to-no investor communication, and lack of consistent strategic vision,” Andrew Uerkwitz\u00a0of Jefferies said.<\/p>\n

“One consistency remains, changes at the top. Over the last 5 years, GameStop has had 5 CEOs and 3 CFOs.”<\/p>\n

Uerkwitz\u00a0is 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.<\/p>\n

The company’s shares have dropped nearly 80% from the $120.75 peak they hit during the meme-stock saga of 2021. The stock has a 12-month trailing price-to-sales ratio of 1.38, compared with Best Buy’s 0.37, according to Refinitiv.<\/p>\n

GameStop has also struggled to deliver on Cohen’s pledge of making it the Amazon of videogame stores, having seen several high-level exits over recent months, including those who were drawn from the Chewy (NYSE:) co-founder’s personal network.<\/p>\n

The videogame retailer, 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.<\/p>\n

“GameStop is doomed,” said Michael Pachter of Wedbush Securities. “The lack of a clear direction and the callous termination of Furlong all but ensures Cohen will have difficulty attracting a qualified replacement.”<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. 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 Zieminski By Akash Sriram (Reuters) -GameStop fell about 19% on Thursday and was set for its worst session in two years after the surprise exit of a CEO […]<\/p>\n","protected":false},"author":1,"featured_media":10373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-20404","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nGameStop shares plummet after fifth CEO exit in 5 years | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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. 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