$GME getting hammered after reporting - turns out it’s a brick and mortal retailer selling physical versions of things most people get digitally.
Has Dodds been around? I hope he got out of BBBY and this piece of junk relatively unscathed.
Lol at GME’s new SEC report:
GameStop also claimed in the SEC filing that ever since gaming consoles from companies such as Sony, Nintendo and Microsoft started allowing users to digitally download games (and even created consoles that only allow digital downloads) the change has taken a toll on sales.
“Downloading of video game content to the current generation video game systems continues to grow and take an increasing percentage of new video game sales,” said GameStop in the filing. “If consumers’ preference for downloading video game content in lieu of physical software continues to increase, our business and financial performance may be adversely impacted.”
How can they say that with a straight face in March 2024? All the attempts to pivot have failed and been shut down. I laughed at an article this week about the Microsoft “partnership”, which most people would just say is GameStop paying for cloud services. They still have cash so it’s likely a slow burn. They reduced headcount in the report by 30% so pretty soon, you’ll drive to GameStop and walk in to order a game from a kiosk.
I think Dodds was likely in heavy on all of that still. Conspiracy ran deep with him and TBH, I think he was in way higher than we supposed because I honestly don’t recall much discussion in here at all until it had already blown up. I think I recall $70 to $85 post-split being an amount he recommended buying. Cohen had already sold out when he was still talking BBBY.