GameStop’s management is yet to reveal the details about the turnaround strategy for the business, but they are growing sales and investing in new digital initiatives.
GameStop’s new board continues to quietly turn the business around, but will it reveal any new catalysts to propel the stock higher? We explain what to expect and consider how GameStop shares could react to the next set of earnings.
3 hours ago
GameStop aims to be more like Amazon. The meme stock darling, a formerly ailing brick and mortar video game retailer, says it will undergo an e-commerce transformation in the coming months. To pull it off, the company announced on Wednesday (June 9) during an earnings call that it planned to issue 5 million more shares of stock and it had hired two Amazon executives to serve as its new chief executive officer and chief financial officer.
But that was about as far as GameStop was willing to go in discussing its strategy to reinvent itself as an e-commerce success. During the company’s earnings call this Wednesday, only one speaker, outgoing chief executive George Sherman, spoke for just 10 minutes before ending the webcast without taking any questions from outside analysts.
UPS said revenue could jump by over 20% in 2023 compared to 2020.
The logistics giant said revenue in 2023 is expected to come in between $98 billion and $102 billion. Analysts forecast UPS would report $100.1 billion in revenue that year. For perspective, that compares to the $84.6 billion in annual revenue reported in 2020.
It has not provided guidance for the current financial year due to the uncertainty spawning from the pandemic, but reported a 27% rise in revenue during the first quarter with triple-digit growth in profits.
Merck
The US government has agreed to buy around $1.2 billion worth of Merck’s experimental coronavirus treatment named molnupiravir.
The drug is currently undergoing Phase 3 trials on non-hospitalised patients suffering from the virus, but is yet to be authorised for use. The US government has agreed to buy up to 1.7 million courses of the drug and Merck intends to have up to 10 million available by the end of this year.