(Reuters) -GameStop 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, 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 , 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 Eluri)
