Thursday December 7, 2023

GameStop Sales Up, Amazon Execs Hired

  • GameStop announced its new CEO and CFO will both be former Amazon executives.
  • Its revenue grew 25%, despite an overall loss of $66.8 million.
rights free/Design: Alex Brooks (gamestop)
Copy Link
Link Copied
Link Copied

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.

Copy Link
Link Copied
Link Copied

What to Read

NWSL’s Record Media Deals Drive Schedule Expansion

The league will grow to a 26-match schedule in 2024.

NBA Viewers Like the In-Season Tourney. What About Broadcasters?

The NBA In-Season Tournament could attract new media partners.
The Australia men's cricket team celebrating winning the 2023 ICC Men's Cricket World Cup.

Amazon Secures ICC Cricket Broadcast Media Rights in Australia

Prime Video will be Australia's exclusive home for ICC events through 2027.
Dallas Cowboys quarterback Dak Prescott throws a pass during the first half against the Seattle Seahawks at AT&T Stadium.

Amazon Bounces Back With Record Viewership

The Dallas Cowboys’ win over the Seattle Seahawks averaged 15.26 million viewers.
podcast thumbnail mobile
Front Office Sports Today

Why the NBA May Have Made Billions With Midseason Tournament


Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple Locations
Multiple Locations
Creative Artists Agency
Multiple Locations
The swoosh logo at Nike Eugene.

Nike Misses Revenue Wall Street’s Projections, But Company’s Stock Soar

The company offset the shortfall by exceeding expectations in earnings per share.
June 30, 2023

Nike To Revive Kobe Signature Shoe Line

Late HOFer will again be the center of a signature shoe line.
The PGA Tour and PIF have a self-imposed Dec. 31 deadline to finalize their golf merger.
August 7, 2023

Saudi Arabia’s PIF Aims Higher With Launch of Sports-Focused Investment Company

The PIF has launched a new company, SRJ Sports Investments.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
At Dick's Sporting Goods in Fairless Hills, Store Administrative Assistant Christine Vandfermay, of Philadelphia, restocks some Philadelphia Eagles items.
May 23, 2023

Dick’s Sporting Goods Sees Modest Growth, Less Foot Traffic

Dick's Sporting Goods saw a 5.3% increase in net sales in Q1.
Hellen Obiri of Kenya crosses the finish line to win the women's division at the 2023 Boston Marathon.
May 16, 2023

On Wants More Star Power, Visibility for Next Growth Phase

On is looking to grow through tennis and other verticals.
May 11, 2023

Topgolf Callaway Lowers Sales Expectations

Callaway cut its profit forecast for this year.
May 10, 2023

Endeavor Posts Record Quarter Amid UFC-WWE Merger Plans

Endeavor bought WWE in April, it also sold its IMG for $1.25B.