Stock in GameStop (GME) has been on a precipitous decline in the last 24 hours, after the troubled retailer announced worse-than-expected quarterly results alongside the surprise termination of CEO Matthew Furlong. GameStop does not have a replacement, though the company's largest investor Ryan Cohen has been named executive chairman. Following these announcements GameStop skipped the standard quarterly earnings call with investors.
All of which has clearly not inspired confidence in whatever's going on over there. The quarterly results showed a loss in the first fiscal quarter of $50.5 million, or 17 cents per share, though an equally troubling element was that sales had fallen year-on-year by 11% to $1.24 billion. The stock has lost around 20% of its value since these announcements, and is now worth about a quarter of what it was during the meme stock surge of early 2021.
