GameStop stock soars after retailer posts first quarterly profit in two years
Publishing timestamp: 2023-03-21 18:50:01
Summary
GameStop posted a quarterly profit for the first time in two years, thanks to cost-cutting measures and improved inventory levels. The company did not provide financial guidance and has been working to revamp its real estate portfolio and increase its online business. GameStop plans to continue cutting costs, including in European markets, and is considering expanding into higher-margin categories such as toys. The company has also been experimenting with NFTs and previously had an ill-fated partnership with a crypto exchange. Despite its challenges, GameStop's CEO says the company is in a better position than it was at the start of 2021.
Sentiment: MIXED
Tickers: CHWY, AMZN, GME, BBBY,
Keywords: gamestop corp, media, retail industry, business, chewy inc, entertainment, amazon.com inc, breaking news: business, earnings, business news, bed bath & beyond inc,
Source: https://www.cnbc.com/2023/03/21/gamestop-gme-q4-2022-earnings.html