To The Moon

1. $GameStop(GME)$ plummeted 23% as missing the expectation and cancel the earnings call

$GameStop(GME)$ down more than 20% in after-hours trading after the video game retailer ousted its CEO and posted a bigger-than expected quarterly loss.

Ryan Cohen, the billionaire investor whose bold bet on GameStop Corp made him a hero to meme stock traders, took over as executive chairman. GameStop canceled its regularly scheduled quarterly conference call to discuss the company’s earnings.

The company released its first-quarter results on Wednesday, reporting revenue of $1.24 billion, missing the Consensus by 7.78%. This compares to year-ago revenues of $1.38 billion.

GameStop reported Q1 EPS of ($0.14), $0.02 worse than the analyst estimate of ($0.12)

GameStop reported a net loss of $50.5 million, compared to a net loss of $157.9 million in the first quarter of 2022. The loss comes just a few months after GameStop reported its first quarterly profit in two years.

EPS: -$0.14 vs. - $0.12

Revenue: $1.24 bln, missing consensus by 7.78%

2. Enterprise software firm $Smartsheet(SMAR)$ plunged 17% with disappointing outlook

Enterprise software firm $Smartsheet(SMAR)$ late Wednesday beat Wall Street's targets for its fiscal first quarter but disappointed with its sales outlook. SMAR stock plunged in extended trading.

$Smartsheet(SMAR)$ earned an adjusted 18 cents a share on sales of $219.9 million in the quarter ended April 30. Analysts polled by FactSet had expected earnings of 8 cents a share on sales of $214.1 million.

For the current quarter, it projected sales of $228 million to $231 million, up 22% to 24% year over year. The midpoint of its sales outlook was $229.5 million, vs. Wall Street's target of $230.4 million.

EPS: 18 cents vs. 8 cents

Sales outlook: $229.5 mln vs $230.4 mln