From CNBC: 2024-06-17 14:10:17

GameStop shares dropped after annual meeting lacked updates on future plans. CEO Ryan Cohen focused on cost-cutting and profit-boosting, hinting at store closures. GameStop has $1 billion in cash. Event was disrupted by computer problems. Reddit’s Roaring Kitty reignited trading frenzy. Stock up 45% this year.

GameStop struggles with shift to online gaming. Recently raised over $2 billion through equity sale. Investors look to Cohen to reshape the company. Uncertainty remains as GameStop navigates changing industry landscape. Stock has gained momentum in recent weeks amid meme rally.

Read more: GME shares drop to session lows after annual meeting fails to offer details on firm’s strategy