Published , by TJ Denzer
Published , by TJ Denzer
Usually, when companies put out their earnings results, there’s a conference call to accompany them, but GameStop will be skipping said call today following its Q1 2023 results. This comes after the company initially posted that it would have a conference call on its investor relations website. However, in its Q1 2023 earnings results, the company announced that the conference call would not be happening today.
GameStop shared this information in a quick address in its Q1 2023 earnings results press release posted on its investor relations website on June 7, 2023. Very little explanation is given by the company for the matter. It is simply addressed in one small section in the release:
It’s worth noting that GameStop’s conference calls in previous quarters have already been slim in their added context. It was at GameStop’s Q4 2021 earnings results that the company completely skipped a Q&A with listeners and investors. The company has continued to carry on that precedent since and is often quick to say what it wants to say and end the calls. However, GameStop has still hosted said calls in previous quarters regardless of their content or quality.
However, this particular quarter comes with some worrying additional context. Ahead of the release of the Q1 2023 earnings results, GameStop announced that former CEO Matt Furlong was being fired, and that Ryan Cohen would temporarily take over his duties as Executive Chair. Moreover, the actual Q1 2023 earnings results didn’t fare much better, coming in short on revenue estimates on a smaller-than-expected loss.
It's not dire straits for GameStop, but today’s earnings results and the news surrounding it show a rough start to its fiscal year. Additionally, with the conference call canceled, there will be little further address of what the company is doing in response to the quarter. Stay tuned as we continue to follow this story for further updates.