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Business: GameStop says it isn't just selling video games — it's also 'evolving' into a tech company

“GameStop has two long-term goals: delighting customers and delivering value for stockholders. We are evolving from a video game retailer to a technology company that connects customers with games, entertainment and a wide assortment of products,” GameStop said in a comment buried in its quarterly 10-Q filing with the SEC on Thursday.

The king of meme stocks didn’t expand too much on this interesting business model pivot as Furlong took no questions on his first earnings call as CEO and shared zero information regarding its business plan. Traders subsequently punished the stock to the tune of 10% during Thursday’s session.

But GameStop did highlight some efforts underway in its aforementioned filing. They include:

To be sure, GameStop had a lot in common in the third quarter with certain upstart tech companies in that it lost a ton of money yet again.

The company posted an adjusted loss per share of 76 cents vs. a Wall Street estimate of 67 cents with revenue of $1.18 billion compared to $1.12 billion expected. 

Sales rose 25.6% from a year ago on the back of demand for new gaming consoles from Sony and Microsoft (MSFT). The company also highlighted increased costs in transformation into a tech company as one culprit for the steep loss.

Now all eyes turn to Cohen and Furlong to deliver results of any kind. 

Whether GameStop wants to launch cloud services to compete with Amazon or transform into a Best Buy is wildly unclear. The uncertainty on what’s next is being reflected in GameStop shares — the stock is nearly down 50% from its Jan. 27 record high of $347.51.

All the Street could do is speculate on GameStop’s path forward given limited insight from management.

“We are closely monitoring two specific areas — infrastructure investments and clues as to the future scale of a digital business; and personnel changes, as a signal for changes in strategic direction guided by a new board & CEO. With increased fulfillment capacity and a more nationwide footprint, delivery speeds are due to be faster and last mile costs lower. The product catalog continues to expand beyond traditional hardware & software — toys, sporting goods, cosplay/costumes, apparel, etc. — implying a stretching of the historic boundaries around core gaming. GameStop CRM remains a valuable asset to future value unlock. As fandom digitizes, we’re also intrigued by GME’s potential role in the development NFT marketplace,” hypothesized Jefferies analyst Stephanie Wissink in a research note to clients. 

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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WASHINGTON (Reuters) -A group of 13 Republican lawmakers on Thursday raised concerns about U.S. approval for Chinese telecommunications company Huawei to buy chips for its growing auto components business. The lawmakers, on the Energy and Commerce Committee, asked U.S. Transportation Secretary Pete Buttigieg in a letter seen by Reuters if he was concerned “Huawei will look for a foothold in developing components for future vehicles in order to gather information on Americans and our transportation infrastructure.” Reuters reported in August that U.S. officials have approved license applications worth hundreds of millions of dollars for the company, which is on a U.S. trade blacklist.

Microsoft is rolling out new features for Teams to address the coming hybrid work explosion.

GameStop’s new CEO didn’t provide many details on the company’s turnaround plan in a call with analysts and investors on Thursday.

Netflix continues to dust Apple on spending for original content, and that is ultimately bullish for Netflix investors argues this top analyst on Yahoo Finance Live.

A new BMO Capital Markets report upwardly revised estimates for earnings after data showed better-than-expected growth in the market.

Investors are struggling to reconcile a hot jobs market with an economy that’s seen momentum dented by soaring COVID-19 infections.

(Bloomberg) — China made an unprecedented intervention in the global oil market, releasing crude from its strategic reserve for the first time with the explicit aim of lowering prices.The announcement comes amid surging energy costs in China, not just for oil but also for coal and natural gas, and electricity shortages in some provinces that have forced some factories to cut production. Inflation is rapidly rising too, a political headache for Beijing. In a late statement on Thursday, the Natio

Top news and what to watch in the markets on Thursday, September 9, 2021.

Investors may still be more interested in hearing what the company’s new leadership has in mind for its e-commerce overhaul.

WASHINGTON (Reuters) -General Motors Co said on Thursday it will extend a shutdown of a Michigan assembly plant by two weeks in the aftermath of a new recall of its Chevrolet Bolt electric vehicles over battery issues. GM said it will not resume Bolt production or sales until it is satisfied that the recall remedy will address the fire risk issue. GM in August widened its recall of the Bolt to more than 140,000 vehicles to replace battery modules, at a cost now estimated at $1.8 billion.

GameStop (NYSE: GME) reported its second-quarter 2021 financial results last night. Investors still closely watch the original meme stock to see if the anticipated turnaround spurred by the hiring of online retailing executive Ryan Cohen as chairman can justify the stock’s high valuation. The first quarterly conference call under new CEO Matt Furlong lasted less than 10 minutes, and the company didn’t take questions from analysts.

The number of Americans filing new claims for jobless benefits fell to the lowest level in nearly 18 months last week, offering more evidence that job growth was being hindered by labor shortages rather than cooling demand for workers. The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economy’s health, also showed the number of people on state unemployment rolls plunging to levels last seen in mid-March 2020 when the economy was reeling from mandatory shutdowns of nonessential businesses to slow the first wave of COVID-19 cases. The continued downward trend in layoffs followed on the heels of a report on Wednesday showing job openings raced to a new record high in July, indicating a tightening labor market, which some economists argued could put pressure on the Federal Reserve to announce when it would start scaling back its massive monthly bond-buying program.

Renewable energy stock Gevo (NASDAQ: GEVO) is absolutely crushing the market today, up 39.7% as of 1:05 p.m. EDT. Gevo just found an investor in an oil and gas giant, and the market can’t seem to control its excitement. Gevo is an early-stage renewable energy company that aims to produce low-carbon gasoline and jet fuel from feedstocks like corn.

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Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my