GameStop stock soars 35% on surprise quarterly profit, higher sales

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GameStop stock soars 35% on surprise quarterly profit, higher sales
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GameStop 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. $GME jumped after the surprise quarterly profit and sales beat expectations:

GameStop Corp. stock jumped 35% in the extended session Tuesday after the specialty retailer reported a surprise quarterly profit and sales that were above Wall Street expectations.

Sales dropped slightly to $2.23 billion, from $2.25 billion a year ago, in the prior year’s fourth quarter. On the call with analysts after the results, Furlong said that the company is taking steps this fiscal year to improve efficiency and reach profitability goals.

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