Meme stock GameStop Corp jumped nearly 40% in premarket trading on Wednesday after the video game retailer posted its first profitable quarter in two years, igniting a surge in other stocks popular among retail traders.
A GameStop Inc. store is shown in Encinitas, California, U.S., May 24, 2017. REUTERS/Mike Blake/File Photojumped nearly 40% in premarket trading on Wednesday after the video game retailer posted its first profitable quarter in two years, igniting a surge in other stocks popular among retail traders.
GameStop posted an adjusted profit of 16 cents per share for the fourth quarter, compared to a loss of 47 cents a year ago, helped by a tight lid on costs including job cuts. The Grapevine, Texas-based company, in which billionaire investor Ryan Cohen serves as chairman and majority shareholder, recorded a 16% decline in costs during the quarter."The early signs on costs are encouraging, and expect profitability again in Q4 2023, but want to see the leverage in the non-holiday quarters before modeling full-year positive EBITDA," said Jefferies analyst Andrew Uerkwitz.
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