GameStop Appoints New CEO as Q2 Results Beat By Investing.com

By Yasin 

Investing.com – GameStop said Wednesday that it has appointed former Amazon executives Matt Furlong and Mike Recupero as chief executive officer and chief financial officer, respectively, with the video game retailer looking to accelerate its digital transformation.

The company also reported that it received a request from the U.S. Securities and Exchange Commission on May 26 to provide information related to a probe into trading activity. 

GameStop Corp (NYSE:GME) was down 10% in after-hours trade.

The two new executives come as the company reported second-quarter results that topped Wall Street expectations. 

GameStop (NYSE:GME) reported a Q2 loss of 45 cents on revenue of $1.28B, above estimates for a loss of 68 cents on revenue of $1.13B.

Since the start of the year, the stock is up 1,356% year to date, driven by a Reddit-led wave of demand.   

Looking ahead,GameStop said it is continuing to suspend guidance at this time, though said May sales increased approximately 27% compared to last year.