Meme stock GameStop surges nearly 50% after it posted a surprise profit for the first time in two years
, surged about 40% in premarket trade on Wednesday after the video game retailer reported its first quarterly profit in two years.
The company reported a profit of $48.2 million in the fourth quarter of 2022 — reversing a $147.5 million loss in the same period a year ago — despite a 1.2% decrease in revenue to $2.23 billion.said Matt Furlong, GameStop's CEO, at the company's earnings call on Tuesday. Shares in GameStop were up 40.8% at $24.86 apiece in premarket trading, after closing 4.6% higher on Tuesday. In after-hours trade, they soared almost 50%.
GameStop steered its way back into profitability by cutting costs and optimizing inventory in 2022, Furlong said. This includedThe company is expected to continue to cut excess costs in 2023, including winding down operations in certain countries in Europe, per Furlong. It also aims to boost its higher-margin businesses such as collectibles and toys.
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