: GameStop’s stock soars 43% premarket after surprise earnings beat
Meme stock GameStop Corp. GME soared 43% in premarket trade Wednesday, after the videogame retailer surprised investors with an earnings beat late Tuesday. The retailer is “aggressively focused on year-over-year profitability improvement while still pursuing pragmatic long-term growth,” Chief Executive Matt Furlong said at the company’s call after the results. GameSto earned $48.2 million, or 16 cents a share, in the fourth quarter, contrasting with a loss of $147.5 million, or 49 cents a share, in the year-ago quarter. Sales dropped slightly to $2.23 billion, from $2.25 billion a year ago, in the prior year’s fourth quarter. Analysts polled by FactSet expected the videogame retailer to report an adjusted loss of 13 cents a share on sales of $2.18 billion.
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