GameStop (NYSE:GME) reported a profit for its fiscal Q4-2022 for the first time since early 2021.
GameStop managed to post a profit of 16 cents per share, higher than analysts’ expectations of a loss of 13 cents per share. The company’s cost-cutting measures improved its gross margin to 22.5% from 16.8%.
GameStop’s stock surged a whopping 48% after market hours following the earnings call.
GameStop CEO Matt Furlong said the company is focused on improving its profitability and growth in the long term.
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