Zinger Key Points
- GameStop CEO Ryan Cohen emphasized plans to reduce costs and streamline the retail presence.
- Following the annual shareholder meeting and Cohen's strategic announcements, GameStop shares fell by 11.0%.
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GameStop Corporation GME shares are trading lower following the company’s annual shareholder meeting, which was postponed from last week due to technology issues and high demand.
During the meeting, CEO Ryan Cohen delivered a brief but focused statement on the company’s future, emphasizing a strategic pivot towards profitability through cost reduction and a streamlined retail presence.
Cohen outlined plans for a smaller network of stores, concentrating on higher-value items and enhancing the trade-in program. He stressed the importance of maintaining a strong balance sheet, describing it as a “strategic advantage” in today’s volatile economic environment, which demands higher returns on investments.
Related Link: GameStop Shareholders Meeting Highlights: ‘Actions Speak Louder Than Words,’ Says CEO Ryan Cohen
GME Price Action: GameStop shares were down by 11.2% at $25.48 at the time of writing, according to Benzinga Pro.
See Also: GameStop, AMC, Tesla: Expert Sizes Up Short Interest In 3 Favorite Retail Investor Stocks
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