CNN —GameStop fired its CEO, Matt Furlong, and elevated Ryan Cohen to executive chairman, the company announced on Wednesday.
GameStop (GME) also reported a net loss of $50.5 million, compared to a net loss of $157.9 million in the first quarter of 2022.
The loss comes just a few months after GameStop (GME) reported its first quarterly profit in two years.
Shares of GameStop tumbled nearly 20% in after-hours trading on the news of the company’s financial results and C-suite shakeup.
During this period, GameStop’s stock surged to an all-time intraday high of $483, before falling.
Persons:
Matt Furlong, Ryan Cohen, Furlong, Dean Lewins, Chewy, ”, ’
Organizations:
CNN, GameStop, Securities and Exchange Commission, GameStop’s, Bed, AMC Entertainment