Published , by Donovan Erskine
Published , by Donovan Erskine
GameStop (GME) has shared its earnings report for Q1 2023, which included some unexpected surprises. Not only did the gaming retailer miss on revenue expectations, but it also canceled its previously-scheduled earnings call and fired its CEO just two days shy of his two-year anniversary at the company.
The official press release for the GameStop (GME) Q1 2023 earnings report was shared on the company’s investor relations website. It’s here that we learn that GameStop made $1.24 billion in revenue last quarter. This misses Wall Street’s $1.36 billion expectation by a decent margin. As for earnings-per-share, GameStop reported a loss of $0.14 on each share, which is less than the expected loss of $0.17.
GameStop (GME) stock is taking a beating in after-hours trading today. It was down as low as 20.8% after the release of the Q1 2023 earnings report. It also didn’t help that the company fired CEO Matt Furlong, who had held the role since 2021. GameStop also canceled its earnings call for today, which was previously expected to take place at the close of markets.
GameStop has been an up-and-down affair for the past couple of years, but today’s news is quite the head-scratcher. To keep up with all the nonsense, be sure to bookmark our GME topic page.