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☆ Billionaire Chewy cofounder Ryan Cohen takes over as GameStop CEO
▼ + stars: | 2023-09-28 | by ( Chris Johnston | ) www.businessinsider.com time to read: +2 min

Ryan Cohen was announced as the new CEO of GameStop on Thursday. AdvertisementAdvertisementGameStop has a CEO once again after Ryan Cohen, the billionaire founder of Chewy, was appointed Thursday. Cohen had been executive chairman since early June after CEO Matt Furlong was shown the door. Cohen, who's the largest investor in GameStop with a 12.1% stake, sold Chewy in 2017 for $3.3 billion. Cohen first took a stake in GameStop in 2020 and joined its board in January 2021 before becoming chairman that June.

Persons: Ryan Cohen, Chewy, —, Cohen, Matt Furlong, Furlong, Keith Gill, Kitty, Paul Dano, Gill, David Organizations: GameStop, Service, Amazon, Forbes, YouTube, Sony Pictures

☆ GameStop names billionaire Ryan Cohen as CEO in turnaround push
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Traders work under signage for GameStop Corp. (NYSE: GME) on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 8, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 28 (Reuters) - GameStop (GME.N) on Thursday named billionaire Ryan Cohen as its CEO and chairman on Thursday, tightening the activist investor's grip on the ailing brick-and-mortar videogame retailer that he intends to turn around. Gamestop said he will relinquish that title and will not receive any compensation for his new roles. Cohen arrived at GameStop after building online pet products retailer Chewy into a powerhouse that he sold for $3.5 billion in 2017. The billionaire had initially tried to steer GameStop aggressively toward a more online-focused model as the chain, dependent on physical stores, looked to revive its business.

Persons: Andrew Kelly, Ryan Cohen, Cohen, Matt Furlong, Jenna Owens, Michael Recupero, Furlong, Aditya Soni, Arun Koyyur Organizations: GameStop Corp, New York Stock Exchange, REUTERS, GameStop, Gamestop, Bed, Nordstrom Locations: Manhattan , New York City, U.S, Bengaluru

☆ GameStop's survival demands 'extreme frugality,' CEO Ryan Cohen tells employees
▼ + stars: | 2023-09-28 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Just hours after being named GameStop 's CEO, Ryan Cohen sent out a memo to employees Thursday that emphasized he will take dramatic steps to ensure the struggling video game retailer survives. I expect everyone to treat company money like their own and lead by example." Cohen, a billionaire activist investor and founder of direct-to-consumer pet food and supply retailer Chewy , was named the company's new leader Thursday morning. Cohen's CEO announcement previewed the company's emphasis on slashing costs: He will not receive a salary in his new role. I expect everyone to treat company money like their own and lead by example.

Persons: Ryan Cohen, " Cohen, Cohen, Matt Furlong, Mike Recupero, Furlong, Ryan, CNBC's Gabrielle Fonrouge Organizations: GameStop, CNBC, RC Ventures Locations: Grapevine , Texas

☆ Ryan Cohen scoops up GameStop stock worth $10 mln, shares rise
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - Ryan Cohen has bought GameStop (GME.N) stock worth $10 million, a securities filing showed on Tuesday, in a sign that the activist investor was trying to boost shareholder morale after the company lost its fifth CEO in five years last week. Shares of the company jumped 7.7% in early trading. They are down nearly 80% from their peak of $120.75 hit during the meme-stock frenzy of 2021. Cohen promised investors a digital pivot, with a focus on e-commerce, but the company has struggled to realize the goal. Reporting by Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Ryan Cohen, Matt Furlong, Cohen, Chavi Mehta, Anil D'Silva Organizations: GameStop, RC Ventures, Thomson Locations: Bengaluru

June 8 (Reuters) - GameStop (GME.N) sank nearly 20% on Thursday and was set for its worst session in two years after the surprise exit of a CEO handpicked to lead its online expansion fanned concerns about the videogame retailer's ailing business. The ousting of former Amazon.com executive Matt Furlong came alongside top shareholder Ryan Cohen's appointment as the executive chairman of a company that he turned into a favorite of meme-stock traders with promises of a digital pivot. Over the last 5 years, GameStop has had 5 CEOs and 3 CFOs." The company's shares have dropped nearly 80% from the $120.75 peak they hit during that meme-stock saga of 2021. "The lack of a clear direction and the callous termination of Furlong all but ensures Cohen will have difficulty attracting a qualified replacement."

Persons: Matt Furlong, Ryan Cohen's, Andrew Uerkwitz, Jefferies, Michael Pachter, Furlong, Cohen, Akash Sriram, Devika Organizations: GameStop, Wedbush Securities, Thomson Locations: Bengaluru

☆ GameStop stock plummets after CEO is fired. Here's what the pros say
▼ + stars: | 2023-06-08 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGameStop stock plummets after CEO is fired. Here's what the pros sayJim Cramer and Sarat Sethi of DCLA on what they think about GameStop after the stock sinks following the termination of CEO Matt Furlong.

Persons: Jim Cramer, Sarat Sethi, DCLA, Matt Furlong Organizations: GameStop

☆ GameStop terminates Matt Furlong as CEO
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: 1 min

June 7 (Reuters) - GameStop (GME.N) said on Wednesday Matt Furlong has been terminated as CEO and the board has appointed billionaire Ryan Cohen as Executive Chairman, effective immediately. Shares of the company fell over 5% in extended trading. Billionaire investor Cohen, who co-founded online pet products retailer Chewy, has been serving as chairman of GameStop and is also a majority shareholder of the Texas-based company. Reporting by Samrhitha Arunasalam; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Matt Furlong, Ryan Cohen, Cohen, Samrhitha Arunasalam, Krishna Chandra Organizations: GameStop, Billionaire, Thomson Locations: Texas

☆ GameStop terminates Matt Furlong as CEO; shares plummet
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - GameStop (GME.N) fired CEO Matt Furlong two years after hiring him and appointed billionaire Ryan Cohen as executive chairman, sending the company's shares down 18% in extended trading..A former executive at Amazon.com (AMZN.O), Furlong joined GameStop in 2021, just months after the company was at the center of a "meme-stock" trading frenzy where a bunch of social media-armed traders talked up the value of the stock. The company also posted its fourth consecutive fall in quarterly revenue and missed market estimates, as consumers dialed back non-essential spending in an uncertain economy. The videogame retailer reported revenue of $1.24 billion for the quarter ended April 29, compared with analysts' average estimate of $1.36 billion, according to Refinitiv. Billionaire investor Cohen, who co-founded online pet products retailer Chewy (CHWY.N) , has been serving as chairman of GameStop and is also a majority shareholder of the Texas-based company. Reporting by Samrhitha Arunasalam; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Matt Furlong, Ryan Cohen, Furlong, Refinitiv, Cohen, Samrhitha Arunasalam, Krishna Chandra Organizations: GameStop, Thomson Locations: Texas

☆ Gamestop fires CEO as Q1 earnings released
▼ + stars: | 2023-06-07 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

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

☆ Meme stock GameStop surges nearly 50% after it posted a surprise profit for the first time in 2 years
▼ + stars: | 2023-03-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

GameStop reported a surprise profit in the fourth quarter of 2022, boosting its share price. GameStop's share price surged nearly 50% in after-hours trade on Tuesday. GameStop skyrocketed in popularity in 2021 as investors used the WallStreetBets subreddit to pump so-called meme stocks. GameStop skyrocketed in popularity in 2021 as retail investors used the WallStreetBets subreddit to identify and pump the so-called meme stocks. GameStop share prices have come off since then but remain volatile.

The retailer had been working to steer itself back to profitability, and got there in part by cutting costs. Selling, general and administrative expenses came in at $453.4 million for the quarter, or 20.4% of sales, compared to $538.9 million, or 23.9% of sales, in the year-earlier period. GameStop did not provide financial guidance and has not done so since the early days of the pandemic. For the quarter ended Jan. 28 , net sales dropped slightly to $2.23 billion from $2.25 billion in last year's fourth quarter. "GameStop is a much healthier business today than it was at the start of 2021," he said.

[1/2] A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2022. REUTERS/Brendan McDermidMarch 21 (Reuters) - GameStop Corp (GME.N) on Tuesday posted a surprise profit for the fourth quarter, its first since early 2021, as lower costs and job cuts padded the videogame retailer's bottom line, sending its shares nearly 50% higher in extended trading. The retailer posted an adjusted profit of 16 cents per share, compared with Wall Street expectations for a loss of 13 cents. The so-called "meme stock", which is the top trending ticker on retail trader forum Stocktwits, has declined 4% this year. Net profit for the quarter ended Jan. 29 was $48.2 million, compared with a loss of $147.50 million a year earlier.

☆ Here's why BlackRock is forecasting a brutal global recession
▼ + stars: | 2022-12-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The global economy this year has faced more obstacles than a Tough Mudder, but far less optimism about coming out of it for the better. A worldwide recession is just around the corner, and BlackRock is expecting it to bring more market turbulence than ever before. The global economy is leaving a four-decade stretch of stable growth and modest inflation to enter a period of massive upheaval and instability, BlackRock analysts wrote in the firm's 2023 Global Outlook. "Recession is foretold as central banks race to try to tame inflation. What's more, BlackRock said that markets haven't fully priced in the potential magnitude of the impending recession, since earnings have yet to reflect even a small downturn.

☆ GameStop jumps 10% despite 3rd-quarter earnings miss as CEO says the meme-stock favorite will consider acquisitions
▼ + stars: | 2022-12-08 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

GameStop stock jumped 10% on Thursday despite the game retailer's third-quarter earnings miss. CEO Matt Furlong said GameStop is eyeing potential acquisitions in a mission to "accomplish something unprecedented in the retail sector." GameStop shares saw a massive rally in last year's meme-stock craze, helping the company come back from the brink of bankruptcy. But the meme-stock trend has died down, and despite Thursday's rally, GameStop shares are down 35.8% year-to-date. The third-quarter earnings miss follows reports of forthcoming layoffs of staff focused on its crypto-focused efforts, according to Axios on Monday.

☆ Stocks making the biggest moves premarket: Ciena, GameStop, Rent The Runway and others
▼ + stars: | 2022-12-08 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Ciena earned an adjusted 61 cents per share for its latest quarter, compared with a consensus estimate of 8 cents. GameStop (GME) – GameStop reported a wider-than-expected quarterly loss and sales that fell short of predictions. Rent The Runway (RENT) – Rent The Runway surged 16.9% in the premarket after its quarterly revenue came in well above Wall Street forecasts and the fashion rental company issued an upbeat sales forecast. Kinder Morgan shares gained 2.1% in premarket trading. Separately, Express announced a wider-than-expected quarterly loss and lower-than-expected revenue in what its management said was a tougher quarter than it had anticipated.

☆ GameStop's third quarter disappoints on lack of hit titles, inflation pinch
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

GameStop launched a digital wallet earlier this year to enable transactions in a marketplace it is building for gamers and others to buy, sell and trade non-fungible tokens, or NFTs. However, with crypto winter setting in and the value of cryptocurrencies plummeting, GameStop's digital wallet ambitions face a bleak future. GameStop posted revenue of $1.19 billion in the third quarter, missing estimates of $1.36 billion, according to Refinitiv IBES data. On an adjusted basis, the company lost 31 cents per share, compared with analysts' estimates of a loss of 28 cents per share. GameStop's expenses as a percentage of revenue was 32.7% in the quarter, down from 34.1% in the second quarter, as the company has tried to cut costs by reducing its workforce and shutting down stores.

☆ GameStop reports decline in revenue and sharp decrease in cash
▼ + stars: | 2022-12-07 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) March 29, 2022. GameStop said Wednesday its fiscal third quarter sales declined and its cash pile sharply dwindled, as the brick-and-mortar retailer has been working to expand its digital presence. The company's cash and cash equivalents fell to nearly $804 million from approximately $1.4 billion a year earlier. GameStop has been working to become profitable and revamp its brick-and-mortar retail business, after what executives have said were years of underinvestment. GameStop said last month that it had ended its partnership with FTX, after the crypto exchange filed for bankruptcy.

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