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GameStop fires CEO, Rent the Runway earnings: After-hours movers

GameStop fired its CEO Matt Furlong, while Rent the Runway's guidance disappoints investors. Yahoo Finance Live's Seana Smith breaks down some of the biggest after-hours movers.

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SEANA SMITH: Let's take a look at two trending stocks here after hours. We have GameStop and Rent The Runway. Kicking it off with GameStop, we're looking at share declines of just about 20% here in extended trading. A couple of big headlines from this earnings release, and also a separate release that we got here from GameStop. First and foremost, they elected, the board, elected Ryan Cohen, executive chairman. Former CEO of GameStop has also been terminated, Matthew Furlong no longer a part of the company.

The board also cutting its members down to five members. When it comes to its most recent earnings release, they did miss the street's estimate on sales, also not holding an earnings call today. We're looking at losses, Akiko, of just about 20% here in its Sunday trading. But Ryan Cohen now executive chairman of GameStop.

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AKIKO FUJITA: Yeah, I mean, Matt Furlong just at the helm for two years. I mean, this is a company that has been trying to slash costs, store closures, job layoffs, simply still can't turn it around when you think about where GameStop competes. Can we point to a Ryan Cohen tweet though? Because he does tend to do this where he puts out a cryptic tweet, and then it has us asking, well, what exactly does it mean? This is all he put out here saying, not for long. Does it mean he's not for long as executive chairman? We don't know.

But it's certainly the stock taking a hit when you think about where things are right now down--

SEANA SMITH: Or does it mean that GameStop is not going to be around for long? Because lots of questions just about the fundamentals of this business, what exactly it looks like going forward. If you take a look-- if I throw up a three year trend, I think it's going to best illustrate this to you here. Obviously, GameStop has been one of the names, one of the leaders here, within the meme craze, meme trade. You can see the spike initially back in 2021, over 75 bucks a share.

We're still trading just around 25 bucks a share. But certainly, a very, very volatile star-- stock here. And let's also take a look at Rent The Runway. The retailer that rents out clothes, I'm one of those subscribers here. That stock off just about 10% here in extended trading, a disappointing guidance number here from the company. Second quarter sales forecast falling a bit short of what the street was looking for. When it comes to the first quarter numbers, they're actually relatively strong.

First quarter earnings, revenue, excuse me, beating the street's expectations just over $74 million, a record high number of subscribers up 15% on a quarter-over-quarter basis. But it could go-- Rent The Runway has really struggled in consistently building that subscriber base, getting people to resubscribe to their service, given the fact that people are pulling back on spending. And they're also just venturing back out into what they were doing pre-pandemic.

AKIKO FUJITA: Yeah, I mean, you think about the expectation that has shifted over the last several months. And we've heard from some of these retailers that people are starting to go out again. People are attending weddings. They're attending big events. I mean, the expectation being here that Rent The Runway can capitalize on that. To your point, it's not that they haven't done that. But the outlook doesn't look good. And the question, I think, for a lot of investors is going to be, well, what is that next lever? Is it about sort of mass fashion, something they've been asked about before?

And they said, this is kind of the model that we are sticking to. But the outlook's certainly not strong enough for investors to say, look. We think things will get better.

SEANA SMITH: Yeah, I think investors still have a lot of questions. What was also interesting in this earnings release, we talk a lot about return to office. And they were saying that demand for office work attire has really spiked in the last several weeks, and most recently in the last quarter. But they're also planning to increase their workwear purchases by just around 50%. So that really speaks to the overarching trend that we've been talking about, clearly one of the drivers here in this most recent earnings results. But the guidance was the miss here. And that's why we're seeing the stock off just over 10%.