GameStop stock tanks 15% during shareholder meeting as few details on strategy emerge

GameStop stock (GME) fell as much as 15% during the struggling video game retailer's annual shareholder meeting on Monday as the company gave few details on its strategy going forward.

Chairman and CEO Ryan Cohen spoke briefly during the highly anticipated gathering, emphasizing the company's focus on achieving profitability.

“With respect to retail operations, we plan to continue reducing costs and focusing on profitability,” said Cohen, citing "a smaller network" of stores.

“We are focused on building shareholder value over the long term. We are not here to make promises, or hype things up. We’re here to work,” he added.

GameStop shares have been volatile over the past month amid the reemergence of retail trader Keith Gill, credited with sparking the meme frenzy of 2021.