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Data: FactSet; Chart: Axios Visuals

GameStop sales fell during its all-important holiday quarter — the first business update from the company since the Reddit-fueled stock mania.

Why it matters: For all the talk about GameStop's stock, there's been less about the company itself — which has struggled to adapt to the more digital video game landscape.

Details: GameStop also said it's been "evaluating" since January (when the stock price surge started) whether to raise money this year through a stock sale.

  • It's one way the company could take advantage of the hype around its stock.
  • In a regulatory filing, it said it could use proceeds to "fund the acceleration of its future transformation."
  • Executives did not directly address the stock run-up.

By the numbers: GameStop closed out 2020 with another year of falling revenue, illustrating the brick-and-mortar store's longstanding challenges made worse by the pandemic.

  • Sales dropped for the ninth straight quarter.
  • The company said it shuttered almost 700 stores in the past year.
  • The pandemic did help fuel e-commerce sales: they made up over one-third of total sales (compared to 12% this time last year, before the pandemic hit).

The big picture: GameStop in recent weeks has announced a slate of executive switch-ups, amid a turnaround effort to better compete digitally led by activist investor Ryan Cohen.

  • Alongside the earnings report, the company named former Amazon and Google executive Jenna Owners as its new chief operating officer.

Worth noting: Most companies hold question-and-answer sessions with Wall Street analysts on earnings calls. GameStop — with an earnings call at capacity —notably did not, even though it historically had taken questions.

  • The stock whipsawed after the earnings report, before falling as much as 10%.
  • At the height of the stock surge, GameStop's stock hovered near $480 per share. It's fallen back down to earth slightly — $180, but still up 870% this year.

Go deeper

1 hour ago - World

Scoop: U.S. and Israel to hold strategic Iran talks on Tuesday

Jake Sullivan. Photo: Jim Lo Scalzo/EPA/Bloomberg via Getty

Top national security officials from the U.S. and Israel will convene virtually on Tuesday for a second round of strategic talks on Iran, three Israeli officials tell me.

Why it matters: The talks come two days after an explosion at an Iranian nuclear facility that experts consider a likely act of Israeli sabotage, and one day before the U.S. resumes indirect nuclear talks in Vienna over a return to the 2015 nuclear deal — a prospect that has raised anxiety levels in Jerusalem.

Updated 1 hour ago - Axios Twin Cities

Police: Officer who shot Daunte Wright accidentally pulled gun instead of taser

The officer who fatally shot Daunte Wright, a 20-year-old Black man, outside Minneapolis Sunday appeared to have inadvertently pulled out her gun instead of a taser, police said.

Driving the news: "This appears to me, from what I viewed in the officer's reaction and distress immediately after, that this was an accidental discharge that resulted in the tragic death of Mr. Wright," Brooklyn Center Police Chief Tim Gannon told reporters Monday.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: The warning signs of a longer pandemic — CDC director: Answer to Michigan COVID-19 surge is "to close things down."
  2. Vaccines: Former FDA chief offers reality check on vaccine passports.
  3. Economy: Jobs growth could be curbed by demands for higher wages.
  4. World: Facebook to push notifications about vaccine eligibility to 20 countries outside of the U.S. — Brits flock to pubs for first time in months as U.K. lockdown eases.
  5. Variant tracker: Where different strains are spreading.