GameStop shares (GME) suffered a significant setback during the company's annual shareholder meeting on Monday, dropping by as much as 15%. The struggling video game retailer failed to provide concrete information about its strategy going forward, leaving investors concerned about the company's path to profitability.

During the highly anticipated gathering, GameStop's Chairman and CEO Ryan Cohen delivered a brief speech, emphasizing the company's commitment to achieving profitability. Cohen mentioned that they plan to continue reducing costs and focusing on profitability through a smaller network of stores. He reiterated the company's dedication to long-term shareholder value and rejected the notion of making empty promises or generating hype.

The past month has seen ample volatility in GameStop's stock, mainly due to the reemergence of retail trader Keith Gill, known as "Roaring Kitty" online, who is credited with sparking the meme frenzy earlier this year. GameStop was able to capitalize on recent rallies, successfully raising over $3 billion from stock offerings.

Cohen recognized the strategic advantage of having a strong balance sheet, particularly during times of economic uncertainty, highlighting the importance of financial stability in navigating market challenges. However, beyond Cohen's opening remarks, the company did not provide further details on its future plans or strategies during the shareholder meeting.

The shareholder meeting had been postponed due to technical issues caused by a high volume of listeners during the initial stream. The delay amplified anticipation for further information on GameStop's roadmap, leaving investors disappointed by the lack of clarity.

GameStop's revival in the meme frenzy began last month, triggering a 180% rally over two days after Keith Gill shared his thoughts on social media. However, the stock experienced a sharp decline of nearly 40% when the company released its quarterly results prematurely and filed to sell millions of shares just hours before millions of viewers tuned in to a YouTube livestream featuring Gill.

Investors and market observers are now closely monitoring the management's actions, focusing particularly on Ryan Cohen and his team as the key drivers of GameStop's future prospects. Gill reassured the public that the screenshots of his GameStop holdings shared on social media were indeed his, emphasizing that he is not collaborating with hedge funds or any other entities.

As GameStop's stock took a hit during the shareholder meeting, investors are eagerly awaiting further clarity on the company's strategy and plans for future growth. The company's ability to deliver on its promises of profitability will be integral to restoring investor confidence and determining the trajectory of its shares going forward.

Ines Ferre, a senior business reporter for Yahoo Finance, reported on the latest developments surrounding GameStop's annual shareholder meeting.