GameStop Stock Is Tumbling Wednesday: What's Going On?
Portfolio Pulse from Adam Eckert
GameStop Corp (NYSE:GME) shares fell after reporting Q4 revenue of $1.794 billion and adjusted earnings of 22 cents per share, both below analyst expectations. The company ended the quarter with $1.199 billion in cash and equivalents, and maintained limited long-term debt. No earnings call was held, continuing a trend for the fourth quarter. CFO Daniel Moore was promoted, and cost reduction measures were announced. Wedbush analyst Michael Pachter maintained an Underperform rating, lowering the price target from $6 to $5.60.
March 27, 2024 | 2:00 pm
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NEGATIVE IMPACT
GameStop's Q4 earnings missed expectations, leading to a significant stock price drop. The company announced cost reduction measures and a CFO promotion.
GameStop's stock price fell sharply due to the earnings miss, indicating investor disappointment. The lack of an earnings call for the fourth consecutive quarter may also contribute to negative sentiment. The promotion of CFO Daniel Moore and cost reduction measures signal attempts at operational efficiency, but the immediate market reaction was negative. Analyst downgrade further pressures the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100