The 'meme stock' surprised investors by recording a jump in quarterly earnings, but long-term challenges remain.
after retail investors congregating on Reddit and other online forums joined forces to snap up the shares, partly in defiance of Wall Street firms and short-sellers that had written off the game vendor. Other so-called meme stocks also surged, including shares of Bed Bath & Beyond, theater-chain AMC Entertainment and BlackBerry.
GameStop cut costs by reducing its headcount in a series of layoffs last year and by closing some of the chain's European stores, an initiative the company will continue to pursue, Furlong said. "The lower cost structure lessens the risk of ongoing losses," they wrote."As such, GameStop's $1.4 billion of net cash should last it several more years as its management seeks new ways to revive a declining business."
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