after all that effort from the WSB community to save the company.
His company is alive thanks to a meme. Get fucked, CEO
He’s right wing memeing to get another cash infusion from idiots. Solid strategy really for your average corporate sociopath.
He’s just pissed his company is on life support, and that WSB just dragged out the inevitable.
All it had going for it was the over-short-sold theory, which was sound but not enough to prevent the billionaires from just adjusting the way they play the game. The idea to become a focal point for gaming (instead of just a place to buy games and other shit) might have worked but I never saw any changes at all in that direction in any gamestops I visited. Just shelves full of products I only kinda want. And a lot of space dedicated to funkopops, which I don’t understand why anyone wants. Does anyone even still want them at this point? I don’t think I’ve every seen someone buying one.
Whelp time to cancel my GameStop runs.
I don’t support chuds
Can’t cancel what I never did. GameStop routinely has terrible prices, poor selection (in my area), and mediocre service. I buy most of my used games from eBay, and most of my new games from Target (when on sale). Screw GameStop…
The WSB campaign to save it made no sense to me. So many better companies have gone under.
Trading in my points and cancelling my membership this weekend. 95K points should get me a few fun things before I never ship there again.
He just needs to stop, Trumps bro-circle jerk is already full.
I hear they’re moving to a bigger venue.
Dump the stonks!
is it me or conservative always freak out when thier R politician wins an election, did not think the things they are railing against was happening,.
Are redditors still diamond hands on gme?
Let me tell you a story… I sold off all my Bitcoin and put it all into GME stock right when it was starting to go up… Because why not right? It wasn’t much like it was worth 1000 bucks or something… Because everyone said the bitcoin bubble was going to pop or something… And then Bitcoin went from 30k to 60k in like two months… And now it’s closer to 100k
Long story short I make bad choices and no fuckin way I’m selling my GME for a loss just for it to double or triple again in two months
-whispers into your ear-
You should sell.
I think people underestimate the mental health benefits of never thinking about whether number you can’t control or predict go up or down.
Yup. I buy broad index funds, and the only time I need to think about it is when I do my taxes. I check more often, but more out of curiosity than anything (I like seeing line go up).
I already said it but my investment is less than it’s worth and I really don’t care about it… if it does go back up a lot I would rather have it and be able to sell then do another Bitcoin situation
I see you jack.
Jack: This is GE!
Banks: It’s just G now, Jack. I sold the E. To Samsung. They’re Samesung now.
God, where’s the 30rock Lemmy?
just for it to double or triple again
Wow, talk about sunk cost fallacy…
Nah my initial investment wasn’t nearly as much in Bitcoin…
The amount of the investment is irrelevant, what’s important is the expected future return. Do you expect GME to increase faster than other options in some time frame? If not, sell it and invest in something with a higher expected return. Likewise for Bitcoin.
Whether something is currently up or down is irrelevant, as is the amount of your investment. The only relevant detail is the expected return and risk (variation) in the investment. Anything else is just gambling.
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Where is the /s?
WHERE IS THE /S?
It’s really greentext
It’s not I assure you… I paid like 50 bucks for the Bitcoin I think maybe 100 at most… I had it for a while… I don’t care about the money it’s mostly written off I just let it sit at this point because you can’t time the market or something
It’s more a commentary on your writing style, but the potential for satireality is written all over it.
<be me
<sell off all my Bitcoin
<put it all into GME stock right when it was starting to go up
<because why not right?
<1000 bucks or something
<because everyone said the bitcoin bubble was going to pop or something
<bitcoin goes from 30k to 60k in like two months
<now it’s closer to 100kLong story short I make bad choices and no fuckin way I’m selling my GME for a loss just for it to double or triple again in two months
I blame the lack of attention, and focus… But I guess your right…
Not since Ryan Cohen gave the shorts everything they wanted with the stock sale last year and had absolutely nothing to show for it like a new product or acquisition. Ryan Cohen betrayed his core investors and did something that was supposed to be impossible. He turned a MACD Golden cross into a death cross with a stock sale. Impossible because it would take considerable timing, and back door dealing that is still illegal, in order for it to happen. GameStop dead. Ryan selling assets cuz the ship ain’t righted, and he ain’t got a better plan. Shrink the business and rip off the small guys that invested.
i remember how the wsb sub was little thirsting for him.
Frankly I think every stock-oriented subreddit is a controlled operation meant to pull value from the subscribers only. I doubt almost any thread on those subs are people authentically sharing their perspectives.
DEI is some zealous American Puritanism which has no relevance in France, so I’m confused how he made the connection?
I doubt it’s related:
The reality is that the physical side of GameStop’s business has been in steady decline for a while. In 2019, GameStop closed around 200 stores in an attempt to “reboot” the company. GameStop’s fortunes briefly rose due to its 2021 stock surge, but shares quickly plummeted following that initial spike.
They’re probably just not making a profit anymore in those regions, so they’re closing up shop, and the CEO took the opportunity to go on a largely unrelated rant.
I don’t really know much about French politics, but surely there is something similar that right wing reactionaries can get upset about there.
For example a Dutch friend of mine who has been radicalized by Joe Rogan, Twitter, and Facebook tells me that you can’t say anything bad about Islam in Holland, as he sends me link after link with fascist anti-Muslim propaganda. (Like… you can’t say things that the “news” that you just sent me is literally saying?)
At the rate these chains are telling me to fuck off with my business and ignore them I’m gonna end up with nothing but farmer markets and crafts shows to shop at…
And somehow, Costco? Weird twist.
It’s not even a weird twist it’s just people who understand how capitalism actually functions and realize that investing in their workers means their workers have more disposable time and income to spend buying shit at Costco.
It’s wild to me that we’ve had to go from advocating for leftism/unions to “if we are gonna do capitalism shouldn’t we at least do it in a way that won’t break literally everything?”
Costco is simply a traditional capitalist business that doesn’t want to see the economy completely implode for everyone but the rich. They are simply promoting capitalist economic fundamentals that made the US an economic powerhouse in the world and built a wealthy “middle class.”
Treating your workers well is also an attempt to prevent unionization. Only about 8% of Costco employees are represented by a union.
Ford used to say something to the effect of ‘pay your workers well enough to afford the product they’re building’ and it seemed to work well.
He was also a horrible anti-semite
Yes… but not really relevant to discussions of businesses not actively trying to completely crush the middle class here?
That too, though I haven’t had reason to go there just yet. Curious to see some stats over the year to see if there’s a notable bump for them due to standing against the trend to kill DEI.
I also haven’t had a reason to go there, haha. Probably soon for diapers, though, as Target is also shooting itself in the foot.
Nearest Costco is about 45 minutes from me so while it looks like a decent replacement to Target, it’s going to have be a bit more planned that just pop out for a quick thing.
Still sort of working on how to keep track of who all I need to avoid. It may only be a small amount but I’m a stubborn one when it comes to avoiding shops. The city pissed me off once so I refused to use their municipal beer shop for like a decade after.
I have some bad news about farmers for you…
Farmer’s market farmers generally aren’t from giant corporate farms.
They can have a white supremacy issue though.
The elites don’t want you to know this, but you can grow your own plants
But good news about crafters.
Time to double-down on making ironic kitsch that say violent things but in a cute, folksy way. Like a pretty sign with script letters and flowers adorning the edges, saying Deny, Defend, Depose instead of Live, Laugh, Love.
Do not ask those farmers follow-up questions.
Honestly, is that a bad thing though?
Nothing really aside from the annoyance of living where everything is 20 miles apart makes shopping at multiple small shops quite time consuming.
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What’s so bad about that?
They don’t sell a lot of video games at farmers markets and craft shows… You have to go to a flea market for that, and those are rather dodgy.
What ya dont want to gawk at the gangster spongebob shirts that seem to be at every stall?
It’s moreso that the vendors seem to fall into two not entirely seperate categories.
- The sheistiest sheister that you would be terrified to get in a van with.
- Someone who definitely has a borderline illicit script of oxy on them and think bathing is an option, and a philosophical dilemma.
You can get them online for free
They don’t sell a lot of video games
Wait, y’all buy them?
[AwkwardMonkey.jpg] 👀
I’m at 200+ owned on GOG here, takes a lot less physical space than all those GME disks I used to pick up.
It has absolutely nothing to do with their entire core business model being obsolete.
Nor with the issue that they’ve been hemmoraging money at a staggering rate.
The company as a whole is profitable with not a dollar of debt, where is this staggering hemmorage?
Recall that the first quarter after the whole WSB thing, they had something like 2 billion in cash from that whole thing.
A year later, they had 1 billion.
Half a year later, 500 million.
All of a sudden this quarter, after shutting down stores all over the place and gutting their staff, they’re claiming 4 billion cash on hand, helped out by unproven social media claims growing their stock price 30%.
doubt. Their business model relies on physical games being sold multiple times, once when new, and then multiple times as used copies. This is why they’re focusing on retro consoles. New consoles have passable online marketplaces, so Gamestop cannot compete, and are completely inferior to PC gaming, which hasn’t needed Gamestop in 20 years.
What do you mean unproven social media claims? the $4 billion in cash is in their quarterly earnings: https://gamestop.gcs-web.com/static-files/2c1eac18-9f79-41b9-9e56-a8db8fe7aac4
Pretty easy to verify yourself.
That would be a valid assessment if the stock price had jumped after the quarterly earnings.
Their stock price jumped before the quarterly earnings was announced. It has nothing to do with it, nor any of their fundamentals
Also notice:
Cash flow is neutral or negative and has been for a while now. Revenue peaked in 2018 is now less than 62% of that peak. Revenue per quarter is also down 11% year over year.Company lost 34 million dollars last quarter, and has not had a positive operating income since feb 2018. https://www.msn.com/en-ca/money/watchlist?tab=Related&id=a1tyxm&duration=1Y&src=b_fingraph&relatedQuoteId=a1tyxm&relatedSource=MlAl&l3=L3_Financials
Even if they continue loosing $34-million each quarter, it will take over 33 years to go bankrupt with the current $4.6-billion cash on hand.
Seriously though, I see that earnings per share was positive for 2024. How is that possible if revenue has been negative since 2018?
Because the share price jumped up so much last year to give them that cash on hand.
Also the $34 million loss is their best result since feb 2018, most of their losses have been 10x higher. Although it does look like a long term trend into the positive cash flow. Also the CEO is mentioning a stock dividend now, so that takes care of the cash on hand.
they’re claiming 4 billion cash on hand
If that’s a lie then they will get absolutely wrecked by the authorities since they’re a publicly traded company.
Yeah, about the ”authorities”….
Over 4 billion cash is shown on the balance sheets on their latest filings too
Theyre also going against small gaming hobby stores which while not everywhere they can offer secondary services not reliant on reselling games multiple times. Such as offering LAN parties for old games, table top games, or even movie nights. These are just things I know the shop one of my kin in Arkansas goes to does.
My local stores sell steam games and PC parts, I don’t think you understand the business model… When was the last time you visited a store?
Not to mention now they’re doing pokemon tcg, that just prints money.
Oh yeah the trading card business too, plus all the homewares now. Currently eating dumplings out of a pokemon licenced bowl manufactured by gamestop
Good luck man. What happened last time they got a huge influx of cash from retail traders? From what I read they wasted it in NFTs.
Now they’re wasting it on trading cards. The company is floundering. Surviving purely from generational nostalgia at this point. When that runs out the rug will be pulled.
They never bought NFTs, they built a website for trading NFTs. Very minimal expense that’s already written off as it got banned by the US govt
Wait, their business model of giving you $3 for a game they’ll charge $50 for isn’t working? The business model that I have to go drive and interact with someone and hope the game is in stock? Who would have thought?
But the instance dedicated to a death-grip on this one stock said it was the future!
Sell sell sell!
Seriously, when CEOs say shit like this they’re covering for something. Abandon fucking ship
Anyone who didn’t sell after the idiocy of the NFT market is a fuckin bagholder through and through.
An NFT market was stupid to begin with, because it’s trying to use endless amounts of CPU cycles to enforce an “ownership” system that is genuinely unneeded and only serves to benefit Capital and Capitalists.
Hell yeah let’s burn down the planet for fuckin skins in video games! /s
Later, they would shut down the same market, after barely over a year and a half.
This was and is a company with no concrete plans for the future that was spinning its wheels since its core business was failing and continues to fail.
Diamond hands? More like Sunk Cost Hands.
Akchually, NFTs don’t even burn CPU cycles to enforce ownership. At best it’s all created and sold by a central party, and at worst the whole thing runs on his laptop.
Hell yeah let’s burn down the planet for fuckin skins in video games! /s
It’s an apt comparison but NFTs are sooo much worse than skins. At least there’s an opportunity to “enjoy” skins as well as show them off during an activity you’re doing anyway.
With an NFT it’s just “look at this picture I own!” and nothing else
I thought an NFT was just a link to an image and didn’t actually contain the image itself?
Yes. The data for the image isn’t hosted in the block chain of the NFT. The NFT is basically an unfalsifiable digital signature of authenticity.
They’re popularly used for digital art, but can be paired with any technology as a digital signature.
Neither of you are correct, technically, although you shouldn’t feel bad about that as it’s what 99.9% of people think. An NFT is a representation of ownership on the block chain ledger. It can represent ANYTHING, houses have been sold as NFTs as well as many other things.
I’m curious about the claims of the guy above you as well, I certainly don’t know for sure, but I don’t see why it should take incredible amounts of energy to maintain block chain, and it sounds like that user is conflating crypto mining with NFTs.
Note: I am not promoting either, please don’t buy crypto or pointless NFT images!
I’m glad some people understand beyond the headlines, I think NFTs could be really neat as a way to have some sort of in-game item or w/e, fully transferable and all that 🤷♂️
Especially since most nfts I’m aware of are on the ethererum blockchain, which now uses orders of magnitude less electricity from the switch off of PoW
Impossible at this point. I’m not even remotely joking when I say I have never seen a more powerful misinformation campaign in my entire life, for anything political even, as I did for brainwashing the masses into believing that NFT = JPEG. Literally almost every human you will encounter knows the term NFT and thinks as a fact that it’s just another image file type, but in particular one that was heavily memed and morons/criminals moved incredible sums of money over. They don’t understand that a lot of the extremely high dollar NFT sales are just money laundering or other criminal loopholes, they just think really rich people are paying millions for monkey pictures. It’s the most lost cause of anything. You might as well try convincing the world that religion isn’t real; right as you may be, it’s impossible to accomplish.
Sadly I’m on the latter train as well xD yeah completely agree.
Exactly!
It would even be cool to have common ownership between games, like if I bought a license for a cool skin and the dev/modder made the skin compatible with a bunch of other games. The game would just check if I own that particular IP, and the load the appropriate data that corresponds to in the game.
It would also be cool to buy and sell houses w/o having to go through a title company ($$$). If deeds were on a blockchain, the state could just look up ownership info and bill whoever the current owner is when tax season rolls around. There are already mechanisms for managing liens and whatnot (smart contracts), so I could completely skip the corrupt financial industry.
The same is true for a ton of other things. NFTs could be an amazing technology to simplify a ton of real life things. As long as people agree to a given blockchain, transactions would be incredibly straightforward.
But no, scammers had to go and mismarket it, rich people had to use it for money laundering, and governments had to go on attack mode. This is why we can’t have nice things.
Yep, completely agree
You’re right but I was assuming NFT dorks would pull up their NFT wallet (?) and click them
