Author: Joe Fonicello

Digital marketer and value investor -- Known as @Toast on Twitter

GameStop Bags Chewy Vice President of Engineering

Posted on by Joe Fonicello

“One day Chewy CEO Sumit Singh is going to come in to work and the entire office will just be empty, the trash cans overflowing after GME poaches everyone below him including the janitorial staff.” – woodcubed

GameStop’s recruiting team is relentless.

Several E-commerce giants have sacrificed executive talent to GameStop while the gaming retailer undergoes a historic transformation.

Just Chewing Away

Chewy’s Vice President of Engineering, Mark Bixby, has left his career at Chewy where he was responsible for building Chewy’s e-commerce platform, to take part in engineering the revolution of gaming.

Mark Bixby is now working remotely from Boston for GameStop Corp.

the revolution

In August, GameStop’s Group Director of eCommerce Engineering made a bold claim while searching for candidates to fill never-ending positions at the transforming gaming retailer, stating:

Want to be a part of engineering the revolution of gaming?

In the last six months, GameStop has recruited over 70 individuals from Chewy alone, including several vice presidents and team leaders.

GMEdd’s full tech hire sheet is available on our Report and Models page.

the navy seals of management teams

While this many hirings of this caliber is always impressive, Mark Bixby’s recruitment was anticipated by GMEdd 4 weeks ago.

In June, GMEdd built the GameStop Tracker, a publicly-accessible bot that alerts investors of new job postings at the company, using open resources.

You can check out the bot on our Discord server #gme-tracker.

The job posting by GameStop Corp. for a VP of Engineering, Ecommerce on September 2nd, 2021 caught our eyes.

Why? Because it was meant for Mark Bixby, literally.

GameStop’s job posting on September 2nd, 2021

It’s typical for a corporation that already has the candidate to establish a job posting in which anybody can apply, with the description defining the already selected candidate.

They just said the quiet part.

Oops.

Sources: GameStop.com Careers, Mark Bixby on LinkedIn

Ryan Cohen: Talk is Cheap, It Takes Money to Buy Whiskey

Posted on by Joe Fonicello

On Sunday, September 26th, the GameStop Chairman tweeted an old American proverb in a telling manner towards his strategy.

After Ryan Cohen co-founded Chewy in 2011 and sold the company to Petsmart for $3.35 billion just six years later, the financial media was dying to know the e-commerce mogul’s next start-up.

In a surprising move that disrupted retail brick-and-mortar unlike ever before, Ryan Cohen’s RC Ventures was awarded 3 seats on GameStop’s board in January 2021.

Since then, Cohen has cleared house, with fresh officers and new management now at the helm of the gaming giant.

The reception

While the talking heads of the financial world still try to make sense of it, the stock is up 1,725% since September of last year and Ryan Cohen has remained silent about his strategy, driving them crazy.

Analysts such as Loop Capital’s Anthony Chukumba stay awake at night over GameStop’s antics, refusing to cover the stock.

Ryan Cohen explained this mindset to shareholders at GameStop’s annual meeting.

We know some people want us to lay out a whole detailed plan today, but that’s not gonna happen. You won’t find us talking a big game, making a bunch of lofty promises, or telegraphing our strategy to the competition. 

The Twitter Genius

One look at Ryan Cohen’s Twitter and you would be hard-pressed to believe this man is running any public company, nonetheless one the market values at $14 billion.

Ryan Cohen has been tweeting comedic gifs and hard-to-decipher memes for almost a year now, but his most recent didn’t take long for investors to comprehend.

On September 26, 2021 Ryan Cohen tweeted, “Talk is cheap, it takes money to buy whiskey.”

The phrase “talk is cheap, it takes money to buy whiskey,” which was first ever seen in the Chicago Daily Tribune on November 21, 1891, means that it’s easier for someone to say that he will do something than to actually do it. 

Many who run public companies make a bunch of lofty promises, leaving Ryan Cohen as a contrarian. He prefers to execute.

Work Hard in Silence

While GameStop rarely announces corporate strategy, GMEdd has logged over 180 tech-related hires at GameStop Corp., just via LinkedIn.

Something must be brewing.

A recent job posting at GameStop.com for a Senior Full-Stack Order Management System Software Developer at the new Florida center reveals that GameStop believes the hype is real, and they are now laying the foundation for the next generation of an iconic company.

GameStop’s job posting often reveal what the up to behind-the-scenes

Although many GameStop investors are eager to hear more from the reserved Chairman, the tweeting of a simple proverb is enough to raise some’s bullish spirits.

Let’s just hope it’s some nice whiskey.

Sources: Ryan Cohen on Twitter, GameStop.com

GameStop Hiring 500 New Employees in South Florida

Posted on by Joe Fonicello

Customer care was always the focus at Chewy, so GameStop’s increased investments in support for the gaming retailer should be no surprise.

GameStop Corp. today announced that the company plans to hire up to 500 employees at its newly-leased customer service center in Pembroke Pines, Florida.

The new 30,000 square foot facility is expected to be operational by the end of 2021.

First Stop to the moon, Florida

On top of what we saw in the spring, GameStop has reportedly been recruiting vigorously in South Florida, with the company’s very own Kelli Durkin, Senior Vice President Customer Service, sharing a photo of a new billboard via Twitter.

GameStop may finally be embracing their new meme status. How do you do, fellow kids?

The SVP has been interactive with fans on Twitter, sharing selfies at corporate events and around the office.

When Ryan Cohen, GameStop’s Chairman, was asked how he finds his management teams during a 2018 Miami Herald interview, he gave his endorsement for LinkedIn.

We use a special proprietary tool called LinkedIn and we look for people with very relevant experience at companies we respect and we shoot them a message. … We hand-picked these people. They are the best of the best, the Navy Seals of management teams.

Posts searching for talent are rampant on LinkedIn, with a clear emphasis on hiring gamers who have passion.

Justin Margerum is just one of the latest recruiters for the new GameStop.

Why Florida?

Back in May, GMEdd.com speculated in a piece titled GameStop Hints at New Florida Office that the fast-paced e-commerce initiatives warranted the company soon opening a Florida-based call center.

Job postings on GameStop’s website, along with activity on LinkedIn and Twitter from employees, seem to be hinting towards a South Florida-based customer support center for GameStop. [GMEdd.com, May 18th 2021]

GameStop claims that the facility will be an integral part of the Company’s U.S.-based customer care operations.

South Florida is hot for startups

Entrepreneurs are flocking to South Florida to start companies, Kerry Close of Inc.com claims.

The region is emerging as a hotbed for startups, local entrepreneurs say, with 139 companies on the Inc. 5000 list based in the Miami-Fort Lauderdale-Pompano Beach metro area. No one particular industry is flourishing in the region–everything from health technology to media to food boast fast-growing companies.

There are also economic benefits to relocating to South Florida, such as the lack of income tax in the state, and cheaper living costs than can be found many other startup hubs around the country.

While GameStop Corp. isn’t a startup, the transformation story isn’t far from one.

Past Success

It’s worth noting that Chewy started in South Florida and still operates the business from the Fort Lauderdale area.  Chewy employs over 17,000 people nationwide, with 3,000 in South Florida, making it one of the largest locally based employers in the region.

Ryan Cohen co-founded Chewy in 2011. In 2017, Chewy was acquired by PetSmart for $3.35 billion, which was the largest ever acquisition of an e-commerce business at the time.

With an office nearby, GameStop could easily tap into Chewy’s talent pool. GameStop has been recruiting hordes of former Chewy employees, and it is possible that the lack of forced relocation has been a major incentive.

Sources: GameStop News Room, Inc.com, Inc.com, Reddit, Kelli Durkin on Twitter, Margerum on LinkedIn

GameStop Reports Q2 2021 Financial Results

Posted on by Joe Fonicello

GameStop Corp. today released financial results on the company’s new Investor Relations platform for the second quarter ended July 31, 2021.

The gaming retailer published condensed and consolidated financial statements for the quarter.

The Company’s Form 10-Q and supplemental information can be found at GameStop’s Investor Relations.

SECOND QUARTER OVERVIEW

Generated net sales of $1.183 billion, compared to $942 million in the prior year’s second quarter.

Ended the period with cash and restricted cash of $1.78 billion.

Ended the period with no long-term debt, other than a $47.5 million low-interest loan associated with the French government’s pandemic response.

Invested in long-term growth initiatives that include expanding the Company’s product catalog, enhancing its fulfillment network capabilities and technology, and adding talent across the organization.

Entered into a lease of a new 530,000 square foot fulfillment center in Reno, Nevada, positioning the Company’s fulfillment network to span both coasts of the continental U.S.

Entered into a lease of a new customer care center in Pembroke Pines, Florida and started building out U.S.-based customer care operations.

THE RELEASE

GameStop’s Earnings Release can be found here:

GameStop News Room, September 08 2021

GameStop’s Q2 2021 Earnings Call can be heard here:

Q2 2021 Gamestop Corp. Earnings Conference Call (YouTube, Webcast)

GameStop’s Form 10-Q can be found here: 

COMMISSION FILE NO. 1-32637   (HTML, IXBRL, RTF, PDF, XLS, XRBL)

Source: GameStop News Room

GameStop is Engineering the Revolution of Gaming

Posted on by Joe Fonicello

GameStop’s Group Director of eCommerce Engineering has made a bold claim while searching for candidates to fill never-ending positions at the transforming gaming retailer.

GameStop has been undergoing a behind-the-scenes tech-centric transformation, largely revealed by hoards of new talent brought on after the January agreement with Ryan Cohen’s firm RC Ventures.

another new guy

Mike Angstadt has only been a member of GameStop’s corporate team since early August, but already seems in-the-know to what’s coming next for the aspiring tech company.

The self-proclaimed builder, leader, and innovator is based in Austin Texas and now holds the position of Group Director of eCommerce Engineering at GameStop.

Angstadt describes his supportive role in one sentence via LinkedIn:

Supporting the eCommerce Engineering teams at GameStop through our revolution of the gaming industry.

Mike Angstadt’s job description as of August 25th, 2021.

In an August 23rd post on the social media platform, Angstadt stated that GameStop was looking to hire for a rapidly growing all-star team at GameStop eCommerce, implying that GameStop has started an internal division just for eCommerce initiatives.

The Group Director of eCommerce Engineering goes as far as to state that GameStop is engineering the revolution of gaming.

Mike Angstadt’s LinkedIn post from August 23rd.

What’s the job?

The position that Mike Angstadt is recruiting for is available fully-remote, enabling great engineers to apply to work for GameStop no matter their location.

The job description makes several requests that applicants are to place emphasis on customer experiences, such as:

  • Thrive in an ambiguous environment, be resourceful, and make tradeoffs to deliver customer impact.
  • Exhibit a bias for action, constantly looking for ways to improve performance and customer experience.
  • Be results-oriented, data-driven, and passionate about building innovative customer experiences.

The Software Engineer, Ecom Platform job posting from GameStop.

Interestingly, GameStop also asks that applicants have the ability to thrive in a fast-paced, startup-like environment.

  • Ability to thrive in a fast-paced, startup-like, agile development environment.

In May, GMEdd proclaimed that GameStop’s success in acquiring new talent is at a rate that can be compared only to the likes of the hottest new startup.

The frenzy continues

Since then, GameStop has continued the recruiting frenzy, amassing over 130 distinguished hires to gear up for a groundbreaking transformation.

GMEdd’s GameStop August 26th Tech Hire Database.

There doesn’t seem to be any brakes on this train, with new hires being unveiled on LinkedIn almost daily. 

While Ryan Cohen has no known plans to publicize his roadmap moving forward, sleuthing around on LinkedIn remains the best way to make educated guesses as to what comes next for GameStop.

To stay up to date on the latest tech hires, visit GMEdd.com’s Report and Models page.

Source: Mike Angstadt on LinkedIn

GameStop Announces Q2 2021 Earnings Date

Posted on by Joe Fonicello

GameStop Corp., today announced that it will report second quarter fiscal 2021 earnings results after the market closes on Wednesday, September 8, 2021.

The gaming retailer in the midst of transformation will host an investor conference call at 5:00 pm ET on the same day to review the company’s financial results. This call and any supplemental information can be accessed at GameStop’s investor relations home page.

Where to tune in

The phone number for the investor conference call is 877-451-6152 and the confirmation code is 13722703. The conference call will be archived for two months on GameStop’s corporate website.

GMEdd.com has hosted livestreams for prior conference calls, as viewership often surpasses what GameStop’s systems can handle.

We advise all GameStop investors follow @GMEdd on Twitter for updates.

The significance

This will mark the first earnings call since the departure of former CEO George Sherman, so a change of pace is to be expected.

While Ryan Cohen announced at the Annual Shareholder’s Meeting that he does not plan to talk a big game, investors will anticipate some direction from the gaming retailer under new leadership.

The newly instated CEO Matt Furlong, a former Amazon executive, will likely speak during the majority of the conference call, if tradition continues.

Source: GameStop News Room

Game Informer Launches New Podcast

Posted on by Joe Fonicello

With previously outgoing executives closing brick-and-mortar stores and new leadership directing a technology-based transformation, the fate of GameStop’s own Game Informer was left uncertain.

Game Informer is a monthly video game magazine featuring articles, news, strategy, and reviews of video games and associated consoles.

The Game Informer Show was started in September of 2009 as a weekly gaming podcast covering the latest video game news, industry topics, exclusive reveals, and reviews.

The History

The Game Informer publication debuted 30 years ago, in August 1991, when the video game retailer FuncoLand started publishing an in-house newsletter.

Game Informer’s first release was the iconic Fall Issue of 1991.

GameStop acquired FuncoLand in 2000. Due to this acquisition, a large amount of promotion has been done in-store, which has contributed to the success of the magazine; as of 30 June 2017 it was the 5th most popular magazine by copies circulated. 

Game Informer has transitioned to a more online-based focus since the 2010s, becoming an important part of GameStop’s customer loyalty program, PowerUp Rewards, which offers subscribers access to special content on the official website.

In August 2019, after months of declining financials for GameStop, about half of the existing Game Informer staff were let go, part of the larger cut of more than 120 jobs by GameStop as part of the effort to improve their financial performance.

Luckily, Game Informer’s story doesn’t end there.

The Revival

In April 2021, GameStop poached 8-year Amazon veteran Elliott Wilke as Chief Growth Officer, tasked to oversee growth strategies for Power Up Rewards and Game Informer.

GameStop’s announcement post for Elliott Wilke on LinkedIn.

Since then, the company has implemented several fan-supported upgrades to Power Up Rewards such as exclusive access to coveted restocks of next-gen consoles and graphics cards.

On August 19th, Game Informer has unveiled a revamped Game Informer Show, featuring new hosts and a better audio experience.

Gamers and investors alike can watch Game Informer’s video update here on their official YouTube channel.

With former host Ben Reeves holding new responsibilities as Game Informer’s Online Content Director, he passes the torch onto a different pair of hosts, Alex Stadnik and Alex Van Aken, who are taking the show in a new direction.

The format is changing and the show now features a news section, weekly roundtable chats about industry topics, and more.

So What?

Podcast viewership is on the rise, with 55% (155 million) of the US population having listened to a podcast in 2020 – up from 51% in 2019, citing data from The Infinite Dial.

For Game Informer to excel alongside GameStop’s transformation, increased focus on the latest trends in digital content consumption will be necessary, and now appear to be under way.

Sources: Kotaku, The Infinite Dial, Game Informer on YouTube, Alliance for Audited Media