GameStop up after hours following earnings beat

GameStop post Q1 earnings that beat expectations. The company posted an adjusted loss per share of 45 cents and revenue of $1.28 billion vs. an expected loss per share of 71 cents and expected revenue of$1.17 billion. Yahoo Finance's Jared Blikre breaks down the details of their latest earnings as well as their shakeup in the C-Suite.

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SEANA SMITH: We want to get to some breaking news. GameStop is out with earnings, also announcing a few executive changes. Jared Blikre has that for us. Jared.

JARED BLIKRE: That's right. Let's do the big news first because there is a shakeup in the C-suite. They have a new CEO and new CFO, chief financial officer. First on the CEO, Matt Furlong, who they describe as a veteran e-commerce leader and technology industry executive. He comes from Amazon, by the way. He once headed up Amazon Australia. And then for the chief financial officer, Mike Recupero, also coming from Amazon. Pretty interesting there. Seasoned technology industry finance executive.

So let's go over the numbers because they are still relevant. We got beats on both the top and bottom lines. Net sales coming in at $1.28 billion. That's up 25% year over year. Estimate was for lower, $1.17 billion. The adjusted loss per share was $0.45. The Street was expecting $0.71. So, narrower, better than expected. A year ago, it was a loss of $1.61 per share.

Also taking a look at the operating loss of $40.8 million, that compares to $108 million in the fiscal 2020 first quarter. And they're continuing to suspend all guidance. As you can imagine, the company is a huge black box. But we're going to get on that earnings call. And I'm assuming Ryan Cohen as executive chairman will be on there. And he can offer some clarity about these new choices to head up their C-suite. Interesting to note that the stock initial direction was down by about 6%. So we'll have to see what happens after that call.

SEANA SMITH: All right, something we certainly will continue to watch. Jared Blikre, thanks so much. Again, stock off just around 2% after hours.