02:00 PM EDT, 06/17/2024 (MT Newswires) -- (Updates with GameStop ( GME ) CEO's remarks and shareholder votes.)

GameStop ( GME ) shares were falling Monday afternoon 12% after its highly anticipated shareholder meeting last only 15 minutes with no fireworks and only a handful of details about the retailer's future actions, according to an audio webcast.

Chief executive Ryan Cohen told shareholders during brief remarks that an unspecified number of stores will close as retailer works to lower operating expenses. "Increased revenue without profits are wasted," he said, without providing additional details about the upcoming cost-cutting efforts.

Monday's shareholder meeting was delayed from last Thursday after running into "unprecedented demand" and other technical problems that prevented many investors from logging onto the livestream.

Shareholders Monday voted for all five director nominees, including Cohen, to the board. They turned down a proposal from New York City employees and teachers seeking more demographic and skills information about individual board members.

Price: 25.24, Change: -3.47, Percent Change: -12.07