Video game retailer GameStop Corporation GME hosted its annual shareholder meeting Monday, which was postponed from last week due to technology issues and reported high demand.
Here are the key takeaways from the event and what CEO Ryan Cohen said about the future of the company.
What Happened: The shareholders meeting, postponed from last week, saw final calls to action for shareholders to vote on several items.
The meeting also included a short opening statement from Cohen. The GameStop CEO spoke on the future of the company's retail business, which will include reducing costs to focus on profitability.
Cohen said this would include "a smaller network of stores." He added that this could include a higher assortment of items that have increased value and pertain to the trade-in program in stores.
Speaking on the recent share offerings, Cohen said having a strong balance sheet was a "strategic advantage."
Cohen said the economy has experienced historic anomalies, which mean investments today have to have higher returns than in years past.
The GameStop CEO said the management team is here to work and not to hype things up.
"As my father said, ‘actions speak louder than words,'" Cohen said.
GME Price Action: GameStop shares are down 11% to $25.67 versus a 52-week trading range of $9.95 to $64.83.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
