GameStop Stock Soars on Surprise Profit, Job Cuts
Breaking News: GME Surges 60%, Adding to Meme-Fueled Rally
GameStop Corporation Common Stock (GME) Posts First Profit Since Q1 2021
GameStop Corp. (GME) stock surged Tuesday, adding to a meme-fueled rally that sent shares of the video game retailer up 74% in the prior session. The company announced a surprise profit for the fourth quarter, its first since early 2021, as lower costs and job cuts padded the bottom line.
GameStop posted a profit of $0.79 per share on revenue of $2.26 billion. Analysts had expected a loss per share of $0.17 on revenue of $2.23 billion.
The company said it was able to reduce costs by $100 million in the quarter, including $22 million in labor costs. GameStop also said it had completed a previously disclosed $933.4 million stock offering.
GameStop's stock has been volatile in recent months, as retail investors have piled into the stock, driving its price up by more than 1,000% since the start of the year.
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