GameStop Stock Soars After Hours
Strong Earnings Report Fuels Rally
After-Hours Trading Sees GME Jump Over 10%
GameStop stock is soaring after hours following the release of a strong earnings report. The video game retailer reported a surprise profit for the fourth quarter, sending its shares up over 10% in extended trading.
The company's revenue for the quarter came in at $2.28 billion, beating analysts' estimates of $2.18 billion. GameStop also reported a net income of $80.5 million, or $1.71 per share. This compares to a net loss of $215.4 million, or $4.83 per share, in the same quarter last year.
GameStop's strong performance is a sign that the company is benefiting from the growing popularity of video games. The company has been investing heavily in its e-commerce business and has also been expanding its physical store footprint. These initiatives seem to be paying off, as GameStop is now seeing strong sales growth.
The company's stock has been on a rollercoaster ride in recent months. GameStop shares hit an all-time high of over $480 in January, but have since come down to around $180. Today's rally is a sign that investors are still bullish on the company's long-term prospects.
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