An internal GameStop email that was obtained by the gaming website Kotaku quoted GameStop CEO Matt Furlong as saying the layoffs were intended to help the company reach profitability.
“We’ve recently completed several projects that were part of the initial phase of our transformation and enable the business to operate with increased efficiency,” Furlong wrote. “In addition, we’ve continued to gain clarity regarding the right level of corporate staff needed to achieve our profitability and growth goals.”, which saw its market cap rise from $288.08 million on March 16, 2020, to $11.3 billion as of the end of 2021.
Shares of GameStop rose on Thursday after it reported its fiscal third quarter sales declined, as total sales were roughly $1.2 billion, down from the $1.3 billion during the same period in 2021. The company also said its cash and cash equivalents fell to nearly $804 million, down from approximately $1.4 billion last year.
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