GameStop (GME) held its annual meeting on Monday, with CEO Ryan Cohen stating the company will focus on long-term profitability and cutting costs moving forward.
Yahoo Finance Reporter Ines Ferré joins Market Domination to break down what happened at the annual shareholders' meeting and what it means for the company moving forward.
For more expert insight and the latest market action, click here to watch this full episode of Market Domination.
This post was written by Nicholas Jacobino
Video Transcript
Gamestop's annual shareholder meeting is taking place today following a technical issue last week that cut the meeting short, Yahoo finances and s has been following along.
She joins us now for more.
We even I believe got a few words publicly from Ryan Cohen.
Yes, that's right.
Uh Julie, he spoke at the top of the meeting in some prepared remarks and basically what Ryan Cohen said, he's the chairman and CEO of gamestop.
He said with respect to retail operations, we plan to continue reducing costs and focusing on profitability.
He also cited a smaller network of stores.
We've known that the company has been cutting costs.
He also said that this is really sort of the money where he sort of nods at all of the meme trading that has been taking place over the last month or so.
We are not here to make promises or hype things up.
We're here to work now.
The stock is down 10% now, but it was down as much as 15% during the meeting.
The company didn't say much as to how they are going to use all the cash that they have accumulated over the last few share of rings.
Remember that in this past month, they have offered millions of shares and they have raked in about more than $3 billion in proceeds from those sales.
The general counsel during the meeting said that they were getting a lot of questions about the future of gamestop plans going forward, but he wouldn't be commenting beyond what Ryan Cohen commented beyond those comments that he gave at the top of the meeting.
This all started really when we know last month, when we saw the meme rise uh rally after Keith Gill started appearing on social media and uh the stock has been on a real whirlwind as far as Keith Gill A K A Roy roaring kitty.
He did, he did post more than an hour ago a picture of John mcenroe.
He's one of the famous tennis player from the eighties known to be sort of controversial uh uh so to speak on the court.
So make of it, what you will with that message.
I don't know what to make of that.
He pulled a mcenroe.
No, then he would be throwing a racket mcenroe has mellowed a lot over the years.
All right, thanks.
Appreciate it.