GameStop Corporation (NYSE: GME) has learned from the “mistakes of the past decade” when it failed to adapt to the future of gaming, CEO Matt Furlong said on the company’s fourth-quarter earnings call on Thursday.
What Happened: Furlong stressed that videogame retailer had become a cyclical business and so capital-starved that it had to rebuild from within.
“We’ve also had to change the way we assess revenue opportunities by starting to embrace, rather than run from, the new frontiers of gaming.”
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Why It Matters: Furlong said the GameStop of today is a different company than it was at the beginning of the fiscal year.
GameStop, a retail-investor darling, generated revenue of $2.25 billion in Q4, which beat the estimate of $2.22 billion. Loss per share came in at $1.86 in the period.
In January, investors celebrated the first anniversary of a wild short squeeze in GameStop’s shares that took place after Chewy Inc (NASDAQ: CHWY) co-founder Ryan Cohen joined its board. The company embarked on a…