GameStop fell about 19 per cent on Thursday (June 8) 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 video game retailer's ailing business. The ousting of former Amazon.com executive Matt Furlong came alongside top shareholder Ryan Cohen's appointment as the executive...
GameStop fell about 19 per cent 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 video game retailer's ailing business.
Yet GameStop was set to erase half of its gains for 2023 and about US$1.3 billion in market value, with one analyst saying management change has been the only constant in recent years. "One consistency remains, changes at the top. Over the last five years, GameStop has had five CEOs and three CFOs." The company's shares have dropped nearly 80 per cent from the US$120.75 peak they hit during the meme-stock saga of 2021. The stock has a 12-month trailing price-to-sales ratio of 1.38, compared with Best Buy's 0.37, according to Refinitiv.
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