GameStop, whose stock price has taken on a life of its own, beat expectations for its fiscal quarter revenue on Wednesday, as it inches back toward profitability.
The company reported 25% year-over-year revenue growth to $1.28 billion in the fiscal quarter ending May 1. Net losses were $66.8 million, compared to $165.7 million a year ago.
GameStop’s newly-minted chairman Ryan Cohen teased new developments at an investor meeting prior to the earnings report.
“We are trying to do something that nobody in the retail space has ever done,” said Cohen, while declining to specify what that was. Cohen has pushed GameStop away from brick-and-mortar retail and toward e-commerce.
That shift is reshuffling much of the gaming company’s C-level positions. The company said on Wednesday that Matt Furlong will step in as CEO when George Sherman leaves this summer and Mike Recupero will become the new CFO. Both are former Amazon executives.
GameStop is also hiring developers to create an NFT platform.
The company is still a target for short sellers: bets against GameStop totaled $3.04 billion at the time of this writing.
Redditors and other meme stock enthusiasts have remained enamored with the stock, which has more than doubled in value over the last month, closing at $302.56 on Tuesday.
