GameStop (GME) apparently no longer sees itself as a retailer under the dual leadership of new chairman Ryan Cohen and CEO Matt Furlong, but rather as a tech company perhaps some day worthy of being in the same discussion as an Apple (AAPL), Microsoft (MSFT), and Google (GOOG, GOOGL).
“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:
- “Increasing the size of our addressable market by growing our product catalog across consumer electronics, collectibles, toys, and other categories that represent natural extensions of our business.
- Expanding fulfillment operations to improve speed of delivery and service to our customers.
- Building a superior customer experience, including by establishing a U.S.-based customer care operation.
- Strengthening technology capabilities, including by investing in new systems, modernized e-commerce assets and an expanded, experienced talent base.”
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.