Wu said that GameStop CEO Ryan Cohen told investors that he will focus on achieving profitability and plans to avoid the "hype" that has caused the stock price to plummet due to the meme stock frenzy. GameStop's software revenue fell 30% year-on-year in the first quarter, toy sales fell 20%, and it closed dozens of stores and two distribution centers. The company also announced a plan to sell 75 million shares of stock, raising $2.14 billion. Despite GameStop's strategic difficulties, it has ample cash to make up for operating losses in the next few years.