GameStop stock continued to fall 4.8% in morning trading on Tuesday after a 12.13% decline on Monday. The struggling video game retailer's annual shareholder meeting on Monday gave few details on its strategy going forward.
Chairman and CEO Ryan Cohen spoke briefly during the highly anticipated gathering, emphasizing the company's focus on achieving profitability.
“With respect to retail operations we plan to continue reducing costs and focusing on profitability,” said Cohen, citing "a smaller network" of stores.
“We are focused on building shareholder value over the long term. We are not here to make promises, or hype things up. We’re here to work,” he added.
GamesStop shares have been volatile over the past month amid the reemergence of retail trader Keith Gill, credited with sparking the meme frenzy of 2021.
GameStop has capitalized on recent rallies, raising over $3 billion in proceeds from stock offerings over the past month.
“Having a strong balance sheet especially in times of economic uncertainty is a strategic advantage,” Cohen said on Monday.
Beyond Cohen's opening remarks, the company did not give any further details on its strategy or future plans.
