- Gamestop held its quarterly earnings call Tuesday after reporting FY 2020 losses of $US215 ($280) million.
- But the webcast hit max capacity an hour before its start time amid a surge in investor interest.
- It’s the first time Gamestop execs spoke publicly since its stock exploded, but they refused to answer questions.
- See more stories on Insider’s business page.
Gamestop held its quarterly earnings call with investors on Tuesday after reporting $US5.08 ($7) billion in revenue and a $US215 ($280) million loss for fiscal year 2020, missing Wall Street expectations.
So high, in fact, that Gamestop’s earnings webcast hit maximum capacity nearly an hour before the call was scheduled to start. In response, some investors even streamed the webcast on YouTube so other people could listen in.
During earnings calls, executives typically read from a pre-written script that breaks down some of their company’s financial results for the quarter, before taking live questions from analysts at major Wall Street firms like Bank of America and Wedbush Securities.
However, Gamestop executives opted not to field questions from analysts, despite the clamor to hear whether and how January’s trading frenzy had impacted the company’s finances. They also wrapped up the call in under 30 minutes – much shorter than normal (Gamestop’s Q3 call lasted nearly 80 minutes).
Executives also made no mention of Gamestop’s volatile stock activity or Ryan Cohen – Wall Street darling, Chewy cofounder, and a Gamestop board member as well as its second-largest individual shareholder – who has become a fixture of the Reddit day-trading community that rallied behind Gamestop.