GameStop Corporation (NYSE:GME) shares are trading lower following the company’s annual shareholder meeting, which was postponed from last week due to technology issues and high demand.
During the meeting, CEO Ryan Cohen delivered a brief but focused statement on the company’s future, emphasizing a strategic pivot towards profitability through cost reduction and a streamlined retail presence.
Cohen outlined plans for a smaller network of stores, concentrating on higher-value items and enhancing the trade-in program. He stressed the importance of maintaining a strong balance sheet, describing it as a “strategic advantage” in today’s volatile economic environment, which demands higher returns on investments.
Related Link: GameStop Shareholders Meeting Highlights: ‘Actions Speak Louder Than Words,’ Says CEO Ryan Cohen
GME Price Action: GameStop shares were down by 11.2% at $25.48 at the time of writing, according to Benzinga Pro.
See Also: GameStop, AMC, Tesla: Expert Sizes Up Short Interest In 3 Favorite Retail Investor Stocks
Image Via Shutterstock.
