GameStop Stock Is Tumbling Thursday: What's Going On?

GameStop Corp GME shares are facing heavy selling pressure Thursday after the company reported worse-than-expected fiscal first-quarter results, canceled its conference call and announced that it fired its CEO. 

What Happened: GameStop said first-quarter revenue declined 11% year-over-year to $1.237 billion, which failed to meet analyst expectations of $1.36 billion, according to Benzinga Pro.

The video game retailer reported a quarterly adjusted loss of 14 cents per share, which missed estimates for a loss of 12 cents per share. The company had $14.5 million in transition costs related to its restructuring efforts in Europe and warned that it expects to continue to face transition charges. 

GameStop said it ended the quarter with $1.31 billion in cash, equivalents and marketable securities. 

Related Link: GameStop Q1 Earnings Highlights: Revenue And EPS Miss, Meme King Ryan Cohen Elected Chairman And More

GameStop had previously scheduled a conference call to discuss its quarterly results at 5 p.m. ET on Wednesday, but it informed investors that it would no longer hold that call in its earnings release.

GameStop also announced an abrupt termination of former CEO Matt Furlong and said Ryan Cohen had been elected as executive chairman of the company to oversee management and capital allocation. 

Cohen previously held the role of chairman and took a 9% stake in the retailer in mid-2020 before upping his stake months later. Shortly after GameStop reported its quarterly results, Cohen took to Twitter to slight Furlong. 

"Not for long," Cohen said via tweet. 

See Also: Trading Strategies For GameStop Stonk After Q1 Earnings

GME Price Action: GameStop shares have traded between $47.95 and $15.41 over a 52-week period.

The stock was down 21.9% at $20.38 at the time of writing, per Benzinga Pro.

Photo: JJBers from Flickr.