GameStop's share price fell 15% during shareholders' meeting, and few details of the strategy were revealed

Chairman and CEO Ryan Cohen (Ryan Cohen) delivered a short speech at the long-awaited shareholders' meeting and emphasized the company's focus on achieving profitability.

“Regarding the retail business, we plan to continue reducing costs and place emphasis on profitability,” Cohen stated, citing the “network reduction” of stores.

“Our focus is on building long-term shareholder value. We're not here to make promises or hype things up. We're here to do the work,” he added.

Game Stop's stock price has shown unstable movements for the past month due to the reappearance of retail trader Keith Gill, who is said to have sparked the meme craze in 2021.

Game Stop took advantage of the recent rise and raised funds through stock sales of over 3 billion dollars over the past month.

“Having a strong balance sheet is a strategic advantage, especially in times of economic uncertainty,” Cohen said on Monday.

Other than Mr. Cohen's opening remarks, no further details were given about the company's strategy or future plans.