🚀 Ryan Cohen becomes the new CEO of GameStop, promises to cut costs & focus on long-term business! 💪 What do you think about the future of GME? 🤔#GameStop#RyanCohen #GME

- Ryan Cohen replaces Matt Furlong as CEO of GameStop
- Cohen promises to avoid mistakes & focus on business basics
- GME shares fell 15.32% after the announcement, hitting their lowest point this year

Cohen: "Can't keep losing money, needs extreme savings"
- Cohen wants GameStop to continue to exist long term
- Q2 2023 earnings report: sales up, revenue $1.16 billion
- However, GME still had a loss per share of $0.03

GME continues to fall, will it recover?
- GME shares fall 38.51% YoY, hitting 2023 low
- CoinCodex Prediction: GME will rise 27% after this drop
- However, demand may decline at historical support

Bottom line: Cohen wants to cut costs for profit
- Cohen wants to transform GameStop into an eCommerce retailer
- However, focus returns to physical stores & some digital sales executives leave
- Now, Cohen is focused on cutting costs rather than increasing revenue
- GME shares continue to fall, will GameStop's struggles continue?