OPINION: Underwhelming GameStop earnings looked just fine to Reddit Apes, writes ThorntonMcEnery. Here's why.
Often, when a public company really underwhelms Wall Street estimates on a key metric for a quarterly earnings report, the executives of that company will use the earnings call with analysts to explain away what happened lest they risk the wrath of investors primed to get what they want.
Predictably, GameStop stock fell steeply in Wednesday’s after-hours trading as Wall Street once again shook its head at what is going on at the videogame retailer. These are what many of GameStop’s die-hard Reddit “Apes” delight in hearing from Cohen and his team, and they can eschew EPS since they remain hyper-focused on the long-term growth of the company and Cohen’s still-ethereal “master plan.”
Cohen’s mysterious plan, which has come under fire from some analysts and GameStop observers for months now, did — like Cohen — not materialize on Wednesday, but Cohen’s no-show and the brevity of the call did not disappoint Apes, who not only predicted it on Reddit but supported it as part of the plan.
But one thing that even GameStop execs might have to spend a little more time explaining is a curious disclosure at the end of its earnings filing.
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