{"id":244888,"date":"2023-06-08T13:13:22","date_gmt":"2023-06-08T13:13:22","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=244888"},"modified":"2023-06-08T13:13:22","modified_gmt":"2023-06-08T13:13:22","slug":"gamestop-shares-plummet-as-ceo-departures","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/gamestop-shares-plummet-as-ceo-departures\/","title":{"rendered":"GameStop Shares Plummet as CEO Departures"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong><\/a> &#8211; After the unexpected departure of a CEO, GameStop fell nearly 20% on Thursday and was on track for its worst fall in two years.<\/p>\n<p style=\"text-align: justify;\">Worries about the videogame retailer&#8217;s suffering business were heightened, as this CEO was carefully selected to lead the company&#8217;s online development.<\/p>\n<p style=\"text-align: justify;\">Ryan Cohen, the founder of Chewy, assumed the role of executive chairman on Wednesday. However, no successor to former Amazon.com executive Matt Furlong has been named by the company.<\/p>\n<p style=\"text-align: justify;\">Cohen is well-liked by &#8220;meme stock&#8221; traders.<\/p>\n<h3 style=\"text-align: justify;\"><strong>GameStop: Declining Earnings <\/strong><\/h3>\n<p style=\"text-align: justify;\">After retail traders on Reddit&#8217;s <a href=\"https:\/\/www.reddit.com\/r\/wallstreetbets\/\">WallStreetBets<\/a>\u00a0pushed an enormous rise in the stock during the pandemic, several analysts stopped covering the company.<\/p>\n<p style=\"text-align: justify;\">This ran counter to hedge funds which had predicted GameStop&#8217;s demise as online stores predominated videogame sales.<\/p>\n<p style=\"text-align: justify;\">One of Cohen&#8217;s main goals, when he bought the company,\u00a0was to shift Gamestop towards a more online-focused system. He wished to compete with bigger retailers such as Amazon. However, there have been few signs of progress thus far.<\/p>\n<p style=\"text-align: justify;\">Gamestop is a retailer of collectables, video games, and consoles. The company reported a 10% decrease in earnings for the three months ending in April.<\/p>\n<p style=\"text-align: justify;\">The company&#8217;s quarterly revenue fell for the fourth time in a row in April.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; After the unexpected departure of a CEO, GameStop fell nearly 20% on Thursday and was on track for its worst fall in two years. Worries about the videogame retailer&#8217;s suffering business were heightened, as this CEO was carefully selected to lead the company&#8217;s online development. Ryan Cohen, the founder of Chewy, assumed the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":244889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,50],"tags":[767,278,11593,11595,11457,11594],"class_list":["post-244888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-tech","tag-amazon","tag-featured","tag-gamestop","tag-ryan-cohen","tag-video-games","tag-wallstreetbets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GameStop Shares Plummet as CEO Departures - Business News Report<\/title>\n<meta name=\"description\" content=\"BNR - After the unexpected departure of a CEO, GameStop fell nearly 20% on Thursday and was on track for its worst fall in two years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/gamestop-shares-plummet-as-ceo-departures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GameStop Shares Plummet as CEO Departures - 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